JPMorgan analyst Bob Chen upgraded Megaport (MGPPF) to Overweight from Neutral with a price target of A$16.70, up from A$14.50, after the company announced an underwritten placement to fund the acquisition of Latitude.sh and accelerate its expansion into India. Strategically, the acquisition will materially increase Megaport’s total addressable market, while the headline price and upfront consideration of $150M put the acquisition price “at a reasonable multiple,” the analyst tells investors.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MGPPF:
- Megaport upgraded to Buy from Hold at Jefferies
- Megaport Implements New Securities Trading Policy to Combat Insider Trading
- Megaport Limited Announces Proposed Securities Issue to Bolster Growth
- Megaport Limited Announces Proposed Securities Issue to Boost Capital
- Megaport Announces Equity Raising for Strategic Acquisition and Expansion