NZ based on-line accounting business XRO has seen its share price basically halve as valuation contraction hammered the growth stocks and in particular those like XRO who were trading on extremely large P/E’s. However we still like the core business its just a matter of what’s a fair price in todays rapidly evolving market, at this stage the $110-120 area feels about right.
MM is long and bullish XRO initially looking for another +20% upside
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