** Shares of NEXTDC NXT.AX fall as much as 2% to A$16.58, their lowest level since September 8

** Stock eyes its third straight session of losses, if trends sustain

** Macquarie trims target price to A$20.9 from A$22.3, retains "outperform" tag

** Brokerage also downgrades EPS estimates by 19%, 241%, 332% and 139% for fiscals 2026, 2027, 2028 and 2029, respectively

** Macquarie notes NEXTDC transitioning from solely balance-sheet-funded growth to JV structures for key hyperscale projects

** Brokerage says while JVs can reduce growth capital expenditure requirements by up to A$14.6 billion ($9.63 billion), it still sees a large portion of initial building of co's S4 and S7 data centres in Sydney to still be funded on-balance sheet

** Brokerage says that power headworks, or costs incurred related to electric utilities, have driven rapid increases in land costs for potential data centre sites, particularly in Sydney

** Stock up 11.1% YTD, including the day's moves

($1 = 1.5168 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))