GDS Holdings price target lowered to $12 from $14.90 at BofA

BofA analyst Daley Li lowered the firm’s price target on GDS Holdings to $12 from $14.90 and keeps a Buy rating on the shares. After having hosted an online investor meeting during the firm’s Asia II call series earlier this week, the analyst notes that GDS management estimated the total net additional area utilized to be 65-70k sqm in FY24. The firm thinks overall MSR could drop 1-2% year-over-year in FY24 and in view of slightly slower customer move-in in China, trims its FY24-25 adjusted EBITDA forecasts by 1%.