Shares in WiseTech Global Ltd (ASX: WTC) have bounced 10% over the past month. But zoom out, and the picture still looks bruised, as the ASX tech stock is down 36% year to date and roughly 51% over the past 12 months.
That sharp pullback may have already caught the attention of bargain hunters.
But beyond valuation, there are several reasons why investors might want to take a closer look at WiseTech shares in May
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Global platform with strong positioning
WiseTech is best known for its flagship logistics platform, CargoWise, which is used by freight forwarders, customs brokers, and global logistics providers.
The software helps manage complex international supply chains, handling everything from shipment tracking to customs compliance. With customers spanning multiple continents and deeply embedded workflows, WiseTech has built a powerful global footprint.
This kind of integration creates high switching costs and recurring revenue streams, a key advantage in the software space. As global trade continues to expand and digitise, WiseTech shares remain well positioned to benefit.
Leaning into AI, not fearing it
Artificial intelligence is one of the biggest questions hanging over many software companies and WiseTech is no exception.
Some investors worry that AI could disrupt traditional software models. But WiseTech appears to be taking the opposite approach by embracing the technology.
The company is embedding AI across its platform to improve automation, decision-making, and operational efficiency for customers. Internally, it is also deploying AI tools to lift productivity and reduce costs, with plans to reshape parts of the business over time.
There is also a broader strategic shift underway. WiseTech is moving toward a transaction-based revenue model, where earnings are more closely linked to the value delivered rather than simply the number of users.
If AI helps customers process more transactions and operate more efficiently, it could actually increase the value of WiseTech's platform, not diminish it. That dynamic may strengthen its competitive moat, expand its long-term growth opportunity and inflate the WiseTech share price.
Strong broker support
Despite recent share price volatility, broker sentiment remains firmly positive.
Bell Potter currently has a buy rating on WiseTech shares, with a price target of $78.75. Based on recent levels around $44.00, that implies potential upside of close to 80% over the next year.
The broader market view is similarly optimistic. Data from TradingView shows that 14 out of 17 analysts rate the stock as a strong buy, with one buy and only two holds.
The average price target sits near $77, pointing to roughly 75% upside. At the more bullish end, some forecasts reach as high as $115.85, suggesting potential gains of nearly 165%.
Foolish Takeaway
WiseTech shares have taken a heavy hit over the past year, but the company's fundamentals and long-term growth drivers remain compelling.
With a globally embedded platform, a proactive approach to AI, and strong backing from analysts, this beaten-down tech stock could be worth considering for investors willing to look beyond short-term volatility.
