Ann: Half Yearly Report and Accounts, page-25

"Shares in Nearmap have been caught up in the widespread tech sell-off. The stock is down more than 40 per cent over the last three months and is trading around $1.22.Losses have been compounded by a recent Macquarie Bank broker note that suggested Nearmap would need to spend more to compete in the North American market. Analysts at the investment bank downgraded the stock to an underperform rating and slashed the price target to $1.30." - 40% justified? Let us find out over the next few weeks.