Deutsche Bank rates Xero a 'sell' with target price of $18.90/share

Wed, 20 Aug 2014

By Suze Metherell Aug. 20 (BusinessDesk) - Shares of Xero, the cloud-based accounting software firm, are overvalued on US growth prospects and have been rated a 'sell' by Deutsche Bank as it initiates coverage of the company. The investment bank, which part owns Craigs Investment Partners in New Zealand, gave the Wellington-based company a target share price of $18.90. Shares of Xero recently traded at $23.25, well below its March record of $45.99. It last traded below $20 in October last year. Globally tech stocks have pared gains m...

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