WiseTech Global Ltd (ASX: WTC) shares have slipped even further into the red in Wednesday morning trade.
At the time of writing, the shares are down around 2% to $33.24.
Today's decline means they're now down around 51% year to date and a huge 72% below the trading levels seen this time last year.
It's been a steep and sustained share price crash for WiseTech shares, driven mostly by a tech-sector-wide sell-off and an investor rotation to more stable assets amid global volatility earlier this year.
Recent headwinds from following media reports that the Australian Federal Police is investigating founder Richard White over alleged trafficking matters haven't helped investor confidence.
The company responded that the alleged investigation concerns Richard White in a personal capacity. It added that there is no suggestion in this media commentary of an investigation into WiseTech. But it didn't stop investors rushing for the exit.
The question now is: Can WiseTech shares keep crashing lower? Or is it time to buy the stock while it's trading for cheap?
Here's what the experts expect from the tech company over the next 12 months.
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Buy, sell, or hold: Here's what brokers tip for WiseTech shares
Despite the crashing share price, it looks like analyst sentiment around WiseTech shares has barely shifted over the past few months. However, some price forecasts have been cut.
Market Index data still shows the majority of brokers have a buy rating on the tech stock. At the time of writing, the $70.84 average target price implies a potential 112% upside over the next 12 months.
TradingView data shows something similar. Out of 14 analysts, 11 have a buy or strong buy rating on WiseTech shares. Another three have a hold rating.
Their average target price is lower, at $62.75, but that still implies a potential 88% upside, at the time of writing. The more bullish analysts are tipping an enormous 246% upside to a maximum target price of $115.31.
Citi is one bullish broker that anticipates a strong recovery for WiseTech shares. The broker renewed its buy rating earlier this month but cut its 12-month target significantly to $52, down from $65.65 previously.
Bell Potter also has a buy rating on the ASX 200 tech share, and a 12-month target price of $71.75. The broker said there has been a tech rally of sorts on the ASX over the past couple of months, but that WiseTech has missed out, likely due to a number of headwinds that have put investors off. The broker said, however, these negatives will start to dissipate over the coming months, starting with the recent appointment of Raelene Murphy as Chair.
My view on the ASX tech shares
I think WiseTech's future hinges on its FY26 results next month.
The company reaffirmed its FY26 guidance earlier this year, expecting full-year revenue of US$1.39 billion to US$1.44 billion (representing a 79% to 85% increase) and EBITDA in the range of US$550 million to US$585 million, up 44% to 53% from FY25.
If WiseTech manages to reach or exceed its upgraded guidance, I think we'll see a turnaround in the share price.
