Xero has endured an awful 12-months and obviously MM wishes we’d jettisoned it months ago but we have to review things from today, and it’s gaining strength and looks on track to retest its August highs – a simple slight valuation rerating will get it there after dropping ~70% in recent times. Encouragingly, US rival Intuit surged almost 6% overnight despite general weakness in US tech.
- We can see XRO testing $90 in the coming months, around 40% above yesterday’s close.
MM is long and bullish toward XRO around $64
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