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Broker tips Megaport share price to climb to $2.88

The Megaport Ltd (ASX: MP1) share price has had a strong start to the week.

In afternoon trade the shares of the provider of elastic interconnection services are up over 2.5% to $2.26.

What is a provider of elastic interconnection services?

The company’s global platform enables its customers to rapidly connect their network to other services across the Megaport network

Services can then be directly controlled by customers via mobile devices, computers, or through its open API.

Why are its shares higher today?

With no news out of the company since last month, today’s gain is likely to be attributable to a research note out of Morgans.

According to the note, Morgans has reiterated its add rating and increased its target price to $2.88.

The broker appears impressed with Megaport’s plan to increase its footprint from 165 data centres to 220 by the end of FY 2018.

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