The local market has fallen ~1.2% this morning after US indices, led by Tech and Nvidia reversed lower overnight. However, the local tech names are starting to outperform, a great sign they are “looking for a low”, after enduring an awful month.
- We remain long WDS which has shrugged off weakness in the overall market.
We are buying WiseTech Global (WTC) this morning ~$66.50 after it reaffirmed EBITDA forecast, sending the stock higher in a falling market.
- We believe WTC is offering deep seated value after this announcement, initially targeting the $80 area.
Trade Idea: Buy WiseTech (WTC) around $66.50 with stops at $62.50 – 6% risk.
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