MM hasn’t significantly altered our stance towards XRO, we like this online accounting business but we remain mindful of further value compression if / when bond yields again start to rally in the months ahead. It all comes down to valuation and its expensive on many metrics as they continue to invest heavily for future growth.
- MM will consider taking part profit on our position in XRO around the $100 area.
MM is bullish XRO short-term initially targeting the $100 area
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