Infratil's (IFT) mini investor day reiterated recent themes; CDC Data Centres (CDC) is IFT's growth engine and Vodafone has plenty of opportunity in front of it. CDC has been IFT's stand-out investment for the past three years and that has not changed, with growth expectations continuing to accelerate. A significant lift in our CDC valuation (up +NZ$1.54 to NZ$3.50) has been the key driver of the +NZ$1.33 increase in our target price to NZ$5.95. However, we retain our NEUTRAL rating as we have some concerns over how far data centre valuations have run.
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