Firstly identifying a classic Australian tech stock as our 1st pick was a tough ask after so many good companies have been hammered over the last 6-months on valuation concerns. We finally opted for Xero (XRO), a stock we hold but as a stand alone right here right now scenario we believe XRO is the best pure local play, especially as its likely to gap lower this morning – we believe the next 20% for XRO from todays open will be on the upside.
MM is bullish XRO from the $90-95 region
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