It's proving to be a happy end to the trading week for the S&P/ASX 200 Index (ASX: XJO) so far this Friday. At the time of writing, the ASX 200 has gained a healthy 0.77% to just under 6,700 points. But the day is going even better for the Xero Limited (ASX: XRO) share price.
The online accounting software provider is currently up 2.54% to $87.85 a share. That's a gain three times that of the broader market.
But zooming out and the picture doesn't look quite so rosy for Xero.
This ASX 200 tech share remains down 40% so far in 2022, contrasting nastily against the ASX 200, which is down by around 12% this year.
Saying that, we have seen a significant rebound for Xero in recent weeks. It was only mid-last month that Xero hit a new 52-week low of $72.53 a share (on 17 June). Since then, Xero shares have rebounded by more than 20%.
So have we seen a bottom for Xero shares?
Is the Xero share price an ASX 200 buy today?
Well, not one, but two ASX brokers think it might be. As my Fool colleague Tristan covered this week, ASX broker Morgans is our first Xero enthusiast.
This broker recently put an "add" rating on Xero shares, replete with a 12-month share price target of $90.25. That's not too far from where Xero shares stand today.
Morgans reckons Xero has plenty of growth left in the tank and likes where the company's subscriber numbers and average revenue per user metrics are heading.
But Morgans isn't the only one bullish on Xero right now. Fellow broker Ord Minnet is also buy-rated on Xero shares today.
This broker has an even higher share price target of $97, which would represent a potential upside of more than 10% on current pricing.
Like Morgans, Ord Minnet is optimistic over Xero's revenue per user metrics and reckons Xero's recently announced price hikes will bode well for the company going forward.
So that's how two ASX brokers view the Xero share price today. A bullish outlook to be sure, but only time will prove who ends up being correct.
In the meantime, the current Xero share price gives this ASX 200 tech share a market capitalisation of $13.04 billion.
