Analysts at Macquarie have reduced their price target on the Australian technology giant, Megaport (ASX:MP1), a drop of 22% rendering the new price to A$14.10 per share.

Early trade saw a minor dip in MP1 stock value, down 1%.

The brokerage anticipates a decrease in long-term earnings for the company and it has further reduced earnings estimates for fiscal 2024 by 25%.

Despite this recent development, the company’s stock had seen a dramatic increase prior, with an 80.7% rise recorded this year.

Megaport is a major tech firm based in Australia and specializes in connecting companies, data centres and cloud services.