Data centre operator NXT offers excellent exposure to the ongoing strong demand for cloud storage, in a similar fashion to XRO the stock has been derated since late 2021 but we are fans initially looking for ~20% upside. We can see private equity considering this business although its $4.8bn might prove a huge hurdle in terms of sheer size. NB: We hold NXT in our Emerging Companies Portfolio.
- We like NXT around $10.50 with an initial target of $12
MM is bullish on NXT
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