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Thoughts on XRO & BPT please

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Thoughts on XRO & BPT please

Hi James and Team Can I have your current view on Beach Energy’s shares after it advanced 6.89% to their highest in seven months of $1.63 after posting a rebound in revenue for the June quarter. Also how do you view XRO - Is it close to sell or lighten or is there a higher price target in mind? regards



We wrote the following on both stocks during the week:

Xero (XRO): We can see XRO pulling back in line with US tech names but at this stage, we have tweaked how we intend to play this stock given the explosive re-rate it has had. For a time, XRO was one of our largest weightings in the Flagship Growth Portfolio, however, we did trim the position back in May at ~$109, affording us some further flexibility with the balance of our holding, ultimately can see the $130-$140 area on the upside hence we’re unlikely sellers.

Beach (BPT): We aren’t huge fans of BPT (given operational challenges over many years due to the complexity of their assets) preferring sector rival WDS but we can see another test of $2 in the 2H of 2023 i.e. +25%.

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Xero Ltd (XRO)
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