The Xero Limited (ASX: XRO) share price has been one of the standout performers on the S&P/ASX 200 Index (ASX: XJO) over 2023 so far.
Today, the Xero share price is up a healthy 1.3% to $119.74 a share at the time of writing. Since Xero started 2023 at just $70.11, this ASX tech share has recorded a year-to-date gain of 70.8%. That's enough to turn a $10,000 investment into more than $17,000 in just under six months.
It gets better for Xero shareholders too.
Today has seen Xero shares shoot higher, as we've just discussed. But the company touched a new 52-week high of $119.87 a share this afternoon. The Xero share price hasn't seen those kinds of things since early 2022, as you can see below:
Of course, we're still a ways away from Xero's all-time high. Back in late 2021, the cloud-based accounting software provider climbed as high as $155 or so a share.
Still, there's no denying Xero shareholders will be delighted with what has come their way in 2023 so far.
So what's next for Xero after this stellar run and new 52-week high? Can this ASX tech share keep on going up?
Image source: Getty Images
Can the Xero share price climb higher from here?
Well, more than one ASX broker reckons it can. As my Fool colleague covered on the weekend, two ASX brokers have recently issued a buy recommendation for Xero shares.
Broker Citi has given Xero a 12-month share price target of $120 a share. Although that doesn't imply too much upside from here, the broker still reckons the company is a buy. Here's some of what it said on Xero shares:
While [Xero's recent] price increase represents upside to our ARPU [average revenue per user] forecasts, more importantly, it should offset any potential weakness in top-line growth due to slowing macro conditions/potential increase in churn and also speaks about Xero's strong competitive position in ANZ…
We maintain our Buy rating on Xero and see upside to the cost-guidance, while the price increase supports top-line growth.
Fellow broker Goldman Sachs is even more bullish. It's also rated the company positively, with an even better 12-month share price target of $130. Goldman also used Xero's recent pricing increases as a basis for its optimism.
No doubt shareholders will be even more delighted by these rosy outlooks on Xero. But let's see if this company can indeed live up to these high expectations over the coming 12 months.
At the current Xero share price, this ASX 200 tech share has a market capitalisation of just over $18 billion.
