Australian IT solutions provider, Megaport Ltd. (ASX:MP1) stock has recently made the TipRanks “Perfect 10” Smart Score list, joining the likes of BHP Group (ASX:BHP), Insurance Australia Group (ASX:IAG), and Paradigm Biopharmaceuticals (ASX:PAR).
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To assist investors in their due diligence, TipRanks provides a range of analysis tools. The Smart Score tool offers investors a gauge of a stock’s potential to either outperform or underperform the market. Stocks with a “Perfect 10” Smart Score have routinely outperformed the market.
Megaport’s journey to the “Perfect 10” Smart Score club
Megaport is a global provider of IT interconnection solutions. The company reported strong improvements in its September quarter financial results, compared to the same period a year-ago. Moreover, the company boasts a strong balance sheet.
Megaport share price target
Amid the market volatility and mounting fears of a recession, Megaport shares have retreated about 70% year-to-date.
Given its recent share price, according to TipRanks’ analyst rating consensus, Megaport stock is a Moderate Buy based on six Buys and three Holds. The average Megaport share price target of AU$10.35 suggests about 77% upside potential.
TipRanks data shows that the News Score for Megaport is currently Positive based on 10 articles over the past seven days, with 100% of articles having a Bullish Sentiment compared to a sector average of 65%.
Final thoughts
Inflation and recession concerns continue to influence trading on the ASX share market. However, according to analysts, Megaport may present a promising opportunity for investors with long-term horizons.
