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Canaccord Genuity stays at 'buy' on Beeks Financial Cloud

Canaccord Genuity stood by its 'buy' rating and 260.0p target price on software and services firm Beeks Financial Cloud on Wednesday following a fresh update from the group.

  • Beeks Financial Cloud Group
  • 14 August 2024 16:31:26
Beeks Financial Cloud Group

Source: Sharecast

Canaccord Genuity said Beeks' recent trading update suggested imminent newsflow on its large Exchange Cloud deal announced in February and today, the company reported it had received regulatory approval for the offering and plans to announce details jointly with the customer of the platform available for deployments in due course.

"We estimated that US exchanges generate several hundred million USD in revenues from colocation - leasing out space and power in their data centres next to their trading engines. This creates a large incentive for them to grow this revenue stream and leverage Exchange Cloud, though the pace of the demand ramp-up and ultimate recurring revenue opportunity for Beeks will largely depend on successful end-customer uptake," said the Canadian bank.

"In this context, Beeks indicates that the initial deployment of services to this customer has commenced and supports the board’s FY25 expectations. We continue to believe that successful sales execution and uptake of the new offering by this large exchange's customer base could create material upside to our forecasts."

Reporting by Iain Gilbert at Sharecast.com

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