0021 GMT - Xero needs to demonstrate that its products can add value for customers in order to drive long-term performance amid slowing subscriber growth, Morgans analyst Nick Harris says. He tells clients in a note that the cloud-accounting software provider has delivered what he calls an immaterial uplift to average revenue per user from uptake of additional services. With subscriber growth slowing, Xero's strong price rises need to be justified from customers' perspective. He points to payroll's first-half performance as an example of how Xero can do this. Morgans lifts its target price 34% to A$188.00 and keeps a hold rating on the stock, which is down 0.8% at A$171.23. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 17, 2024 19:21 ET (00:21 GMT)
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