Morgan Stanley ramps up WiseTech price target
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The news: Morgan Stanley analysts have sharply lifted their price target on Wisetech shares citing increased penetration of the technology company’s software in the global freight forwarding industry.
The numbers: The brokerage lifted its price target on Wisetech to $160 a share from $120 previously, with a bullish case of $200 a share.
The analysts said Wisetech is growing faster than its main competitors and its total addressable market is now estimated at $20 billion, up from $10 billion, with a 15% compounded annual growth rate to 2030.
Wisetech shares are trading 1.79% higher at $124.91 in early trading on the ASX and over the last 12 months has rocketed 91.8%.
The context: Morgan Stanley’s bullish outlook comes just days after Wisetech shares tanked nearly 20% after the troubled technology group revised down its full-year guidance following a raft of allegations against founder and former chief executive Richard White.
Morgan Stanley joined the chorus of analysts that also upgraded the company following last week's sell-off.
The source: Morgan Stanley research
