WiseTech Global Ltd (ASX: WTC) shares had a small reprieve on Wednesday, with the stock ending slightly higher for the day.
At the close of the ASX on Wednesday afternoon, the shares were 0.13% higher at $38.05 a piece.
The increase is good news for investors but it barely dents the huge losses the beaten-down tech stock has suffered over the past year.
The shares are still down over 44% for the year-to-date and down 65% over the past 12 months after a tech-sector sell-off saw investors rotate to more stable assets.
For context, the S&P/ASX 200 Index (ASX: XJO) closed 0.57% higher on Wednesday, and is now just 0.77% higher than 12 months ago.
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What do brokers expect next from WiseTech shares?
According to broker forecasts, the upside potential for WiseTech shares is huge over the next 12 months, with some tipping the stock to increase up to 214%.
Market Index data shows the majority brokers have a strong buy consensus on WiseTech shares over the next year. They tip a potential 93% upside to an average $73.89 target price, at the time of writing.
Over at TradingView, the data shows something similar. Out of 15 analysts, 12 have a buy or strong buy rating on WiseTech shares. Another three have a hold rating. They tip a potential 85% upside to an average target price of $71.70. But some are much more bullish and are tipping the stock to jump as high as 214% to a maximum $119.39 target price, at the time of writing.
Why are the experts so bullish?
The team at Dolphin Partners Financial Services recently named the ASX tech stock as a buy. The broker said it thinks the shares are trading at a deep discount compared to broker valuations following significant share price weakness.
James Gerrish from Shaw and Partners recently said he thinks software stocks have now bottomed, and there are good buys to be had. He pointed to WiseTech shares and said his team sees between 30% and 40% upside over the next 12 months.
Bell Potter also has a buy rating on the shares and said it is eagerly awaiting the FY26 results in August. The broker added that, depending on the FY26 results, WiseTech's FY27 forecast could even prove to be conservative and has the potential to drive renewed confidence and push up its share price.
Elsewhere, JP Morgan is a little more bearish on the shares. It downgraded its outlook on the stock last week. The broker said WiseTech Global is no longer the market's biggest tech company after handing over the reins to Xero Ltd (ASX: XRO) last month. As a result, JP Morgan downgraded WiseTech shares to a hold rating with a $40 price target.
