Xero's Deputy Investment May Not Be Best Use of Capital -- Market Talk

Dow Jones04-30

0051 GMT - Xero's US$25 million investment in shift-management software platform Deputy isn't seen by Citi analyst Siraj Ahmed as the best use of the cloud-accounting provider's capital. Ahmed acknowledges that partnering with Deputy chimes with Xero's in-house focus on accounting, payments and payroll, but tells clients in a note that he doesn't understand why the agreement only applies to Australia. He expects Xero to improve R&D efficiency and productivity by shutting down operations of its PlanDay shift-management business in Australia, and is interested in whether Xero continues to see PlanDay as part of its core focus in Europe. Citi has a buy rating and A$159.00 target price on the stock, which is flat at A$121.68. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 29, 2024 20:51 ET (00:51 GMT)

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