WiseTech Bull Sees Lower-than-Target Headcount Reduction
Dow Jones
Aug 24
0352 GMT - WiseTech's bull at Citi sees signs that the logistics-software provider's redundancy program may be running more slowly than anticipated. Analyst Siraj Ahmed says an analysis of LinkedIn suggests that Australia-listed WiseTech reduced its headcount by 885 since January. He points out in a note that this is lower than WiseTech's target of 2,000, and tells clients that it compares with his assumption that the company's fiscal 2027 accounts will include expenditure on 1,700 redundancies. That said, Ahmed acknowledges that people might not be quick to update their LinkedIn profile after being made redundant. Citi has a last-published buy rating on the stock and a target price of 55.05 Australian dollars. Shares are 2.7% higher at A$43.47.
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