MM is holding a large 7% position in this online accountancy business, there’s no change with our view and target towards XRO i.e. we are still looking to trim this back slightly ~$100 which could easily unfold sooner rather than later with this volatile stock.
- We like XRO but its very high valuation has proved impossible to maintain in today’s rising interest rate world.
MM is still looking to reduce our XRO position around $100, or 10-12% higher
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