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Home / Stock Market News / Broker Notes / Why Xero’s (ASX: XRO) share price can be even higher from here

James Mickleboro | 12th April 2021 11:00 a.m. | More on: XRO

At the time of writing, the cloud-based business and accounting platform provider’s shares are up 1% to $ 14049

One broker who believes Xero stock can go higher from here is Goldman Sachs

This morning the broker maintained its Buy recommendation, but slightly lowered its price target to USD 15300

The broker rates both acquisitions as positive and expects them to accelerate Xero’s platform strategy by expanding its product offering to include workforce management

In addition, it should be noted that Xero provides a platform for the launch of its core accounting product in Scandinavia, which is seen as an attractive potential market

Goldman Sachs estimates that there is a total addressable market (TAM) of 2.2 million subscribers for its accounting software in the region

The broker also believes the region has favorable market characteristics that include limited competition, high GDP / capita supporting pricing power, high digitization, VAT compliance and supporting e-invoicing regulations

In addition to the acquisitions, Goldman has been researching industry data to determine how Xero has performed On the positive side, Xero’s strong form has continued

Goldman said, “We are taking into account current data points that are generally easy to track. These include: (1) The number of accounting partners continues to grow strongly with annualized growth of c20% in key markets, while the announced BDO partnership (fifth largest practice worldwide, offices in 171 countries) is a significant positive result; (2) The number of apps in the ecosystem continues to grow and grows annually by 25-32% pein over AU / UK / US; (3) XRO / QBO prices have increased while Freshbooks was introduced in AU (4) Google trend data for XRO is mixed and does well in AU / UK, but behind in the US ”

Despite the many positive results listed above, readers may have found that Goldman’s target for the Xero stock price has been lowered

It has been stated that this is mainly due to a reduction in US peer multipliers for Software as a Service (SaaS) that have an impact on the rating

It was stated, “We are revising our EBITDA for FY 21-23 by 2 to 7% (-1 to 1% in constant currency) due to (1) the inclusion of Planday / Tickstar (2) Accelerated rollout in Scandinavia and (3) AUD FX upgrades Our 12 mf TP drops -3% to AUD 153 / share, with earnings increases due to lower US SaaS peer multipliers (2-fold reduction to offset 27 times) the updated spot A $ / NZ $ (1) 08, from 105) and increased stock base ”

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James Mickleboro has no position in any of the stocks mentioned Motley Fool Australia’s parent company, Motley Fool Holdings Inc owns shares in Xero The Motley Fool Australia has no position in any of the stocks mentioned The Motley Fool has a disclosure policy This article provides general investment advice only (under AFSL 400691) Authorized by Bruce Jackson

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World news – AU – Why the share price of Xero (ASX: XRO) can rise even higher from here