Nearmap poised for re-ratingShares Nearmap are among a raft of high-flying tech stocks on the ASX today, possibly helped by a bullish research not from Canaccord Genuity.It has nominated the geospatial map technology company as one of its top 16 stock picks across the entire Australian market this year.“While operating metrics are likely to be below previous periods, we believe this is well known by investors, with NEA expected to reap the rewards of its substantial reinvestment in CY20 across its capture technology and coverage, new product initiatives,” said Owen Humphries, analyst at the group. “We believe a re-acceleration of revenue growth throughout CY20 should result in a multiple re-rating as the group approaches FCF breakeven.”Mr Humphries has a buy rating on the stock with a price target of $3.60. NEA is up 3.1 per cent to $2.69 today.The broader information technology index has gained 1.5 per cent, making it the top performing sector for the session.
NEA Price at posting:
$2.71 Sentiment: Buy Disclosure: Held
