The tech sector has been a sea of red this year, with many ASX 200 tech stocks crashing deep into the red.
While this is disappointing, it could have created a buying opportunity for investors.
This could especially be the case with the tech stock in this article, which Bell Potter remains bullish on.
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Which ASX 200 tech stock?
The tech stock that Bell Potter is bullish on is Catapult Sports Ltd (ASX: CAT).
It is a leading global provider of elite athlete wearable tracking solutions. Bell Potter notes that its key target market is elite sporting teams and organisations but the acquisition of SBG now gives the company a presence in motorsports.
The pro sports technology market was valued at US$36 billion in 2025 and is forecast to double to US$72 billion by 2030.
What is the broker saying?
Bell Potter has been reviewing its forecasts for Catapult and has made modest downgrades due to recent currency movements. However, its estimates are still comfortably above consensus expectations. It explains:
We have downgraded our ACV forecasts in FY26, FY27 and FY28 by 1%, 3% and 3% but we remain well above VA consensus though there appears to be some unusually low forecasts from other analysts. This has driven similar downgrades in our revenue forecasts and we also remain above VA consensus but only modestly. And we have downgraded our management EBITDA forecasts by 2%, 4% and 4% which has been driven by the revenue downgrades as well as some reduction in our margin forecasts. We are now more consistent with VA consensus at management EBITDA.
Time to buy
According to the note, the broker has retained its buy rating on the ASX 200 tech stock with a trimmed price target of $4.85 (from $5.50).
Based on its current share price of $3.64, this implies potential upside of 33% for investors over the next 12 months.
Bell Potter has named Catapult as one of its preferred mid-cap tech stocks. And while it suspects that it could lose its ASX 200 status soon, the broker feels this is already factored in. It concludes:
Catapult remains one of our preferred tech stocks amongst the mid caps (along with Gentrack). We note Catapult is likely to come out of the S&P/ASX 200 at the next rebalance later this month but remain in the S&P/ASX 300. This could be viewed as a negative catalyst but in our view is already largely expected so should not come as a surprise.
We see the release of the FY26 result in May as a potential catalyst given we expect the guidance to be achieved and see little evidence or threat of AI disruption. We also see the outlook for FY27 as positive given the launch of new products – like Vector 8 – and acquisitions – like IMPECT – to help drive strong top line growth. The risk, however, is perhaps an increase in investment if Catapult elects to, for instance, expand IMPECT's offering to include video. And finally, if tech stocks rally we would expect Catapult to follow suit and be one of the better performers in part due to a lack of other good quality tech stocks in the mid cap space.
