The stock has risen by more than 40% this year as it shifts its business model to focus on data centers amid the AI boom.
Industrial property firm Goodman Group is converting its traditional warehouses into data centers to meet the surging demand for artificial intelligence infrastructure. Citi believes this trend will likely drive "double-digit medium-term earnings growth" and has added the Australian stock to its "Pan-Asia Focus list." Data centers are large buildings that house critical computing infrastructure and equipment.
The size of a data center is also measured by its access to power. The stock has risen by more than 40% this year in anticipation of the change in its business model. Citi's price target of 40 Australian dollars a share suggests that the stock could rise by another 12% from the current price of 35.77 Australian dollars. GMG-AU 5Y line Citi also compared Goodman to key global peers in the industrial real estate sector, such as U.S.-listed Prologis and U.K.-listed Segro .
Prologis Inc SEGRO PLC NEXTDC Ltd Megaport Ltd Goodman Group Citi Trends Inc Business News
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