XRO rallied another +1.8% yesterday, posting fresh 2-year highs in the process and extending its 2024 advance to more than 20%. MM is a big fan of online cloud-based accounting software company XRO, as we’ve outlined through 2024, particularly after its recent strategy day. However, the stock has rallied over 40% from its late 2023 low, and we are contemplating trimming our 5% holding ahead of its May FY result. Importantly, as a relatively “high valuation” stock, it’s not immune from volatility, having corrected well over 20% on four occasions in the last three years.
- We can see XRO trading above $140 before its FY result on May 23rd. MM is long XRO in our Active Growth Portfolio.
MM remains long and bullish towards XRO
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