WiseTech rises as Bell Potter analysts hike target price
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The news: WiseTech Global shares lifted after Bell Potter analysts hiked their target price on the software company, encouraged by "large market opportunities" in landside logistics and customs and compliance.
The numbers: The analysts retained their 'hold' rating on the stock, but lifted their target price 8% from $92.75 to $100. Shares were up 2.28% to $99.14 by 3:04pm AEST on the ASX.
They made no changes to their FY24 forecasts for WiseTech, but upgraded revenue and EBITDA estimates by 1% for FY25 and by 5% for FY26.
The context: Bell Potter said its believed landside logistics and customs and compliance were bigger market opportunities than WiseTech's core market of freight forwarding.
The analysts noted there appeared to be limited competition in these markets, and WiseTech was the only provider of a single global platform for customs and compliance.
They also said the Sydney-based company's warehouse segment was a "positive surprise", and seemed to be growing rapidly amid little competition.
The source: Bell Potter research
