The Cettire Ltd (ASX: CTT) share price is having another stellar session.
In afternoon trade, the online luxury retailer's shares are up 5% to $2.94.
This latest gain means the ASX tech share is up almost 300% over the last 12 months.
Why is this ASX tech share rising again today?
Today's gain appears to have been driven by a broker note out of Bell Potter.
According to the note, the broker has retained its buy rating and lofty $4 price target on the ASX tech share.
This implies a potential upside of approximately 36% over the next 12 months.
What did the broker say?
Bell Potter highlights that recent industry updates have pointed to mixed trading conditions. However, based on web traffic, it feels that Cettire could be largely unaffected and still be growing its market share. It explains:
Recent trading updates/commentary from luxury online marketplaces/brands note expectations for continued macroeconomic uncertainties in the US through CY23 and a higher skew to 2H profitability amidst a heavily promotional seasonal period ahead (FY June/July ending).
However, we have seen the latest web traffic trends for US based luxury department stores in comparison to mid-range peers showing some rebounding trends with the commencement of the Fall fashion season. We continue to see Cettire's (CTT) 1Q24 to-date web traffic trends well ahead of other luxury platforms as the company grow their presence in both North America and emerging markets.
In light of this, the broker believes "CTT will continue to outperform their peer group given the ~0.5% market share in a large personal luxury goods market which could remain relatively resilient than other discretionary categories in the soft consumer environment."
It feels this could make it an ASX tech share to buy today.
