News of the possible COVID vaccine triggered a large sell-off in tech stocks. It also gave Bell Potter a reason to chop its recommendation on the Macquarie Telecom Group Ltd. (ASX: MAQ) share price to “hold” from “buy”. “With its focus on Data Centres (DCs) and the cloud, MAQ too has seen a large share price rise over the past year,” said the broker. “While we view MAQ’s rise as justified on account of its long-term DC and cloud growth outlook, with an anticipated rotation towards more cyclical names as a US and Australian re-opening gains greater focus and COVID fear subsidies, MAQ’s shares may see some near-term selling pressure.” Bell Potter’s 12-month price target on the stock is $52.40 a share."
MAQ Price at posting:
$48.03 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)