WiseTech Global Ltd (ASX: WTC) shares have staged a strong comeback, gaining 11% last week and 13% over the past month. But could the ASX tech stock eventually claw its way back to $100?
At $40.98, WiseTech shares remain down a brutal 65% over 12 months and are a long way below their 52-week high of $120.60. However, some brokers believe there could be significant upside from here.
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WiseTech's next big test
The next major catalyst for WiseTech shares arrives on 26 August, when the $13 billion technology company reports its FY26 results.
Management has reaffirmed guidance for revenue of between US$1.39 billion and US$1.44 billion, representing growth of 79% to 85%. WiseTech is also forecasting EBITDA of between US$550 million and US$585 million, up 44% to 53% from FY25.
If the company delivers, investors may finally start shifting their attention away from governance concerns and back towards its underlying growth story.
What do brokers think?
The broker community appears relatively bullish. TradingView data shows 11 of 13 analysts have a buy or strong buy rating on WiseTech shares.
The average price target of $60.61 implies potential upside of around 48% over the next 12 months. More bullish analysts see the stock potentially reaching $114.11, representing upside of approximately 178%.
Bell Potter is one of the bullish brokers, with a buy rating and $71.75 price target. Bell Potter analysts believe several headwinds that have weighed on WiseTech shares could begin to dissipate, particularly following the appointment of Raelene Murphy as Chair.
Macquarie Group Ltd (ASX: MQG) has a buy rating and $47.10 price target. While that sits towards the lower end of broker estimates, it remains above WiseTech's current share price.
Macquarie recently suggested WiseTech could "surprise to the upside" with its FY27 guidance. However, the broker remains concerned about persistent tariffs and regulatory issues.
Is WiseTech a turnaround opportunity?
The collapse of WiseTech shares has been painful, but its underlying business remains remarkably strong.
Its flagship CargoWise platform remains a leading logistics software solution, helping freight forwarders, customs brokers and supply chain operators manage increasingly complex global trade.
The company also remains exposed to powerful long-term trends, including the digitalisation of global trade and growing demand for sophisticated logistics technology.
Importantly, WiseTech's problems haven't primarily stemmed from collapsing demand for its products. Instead, investor confidence and governance concerns have been major factors behind the sell-off.
Foolish takeaway
WiseTech shares remain a high-risk turnaround play, but the FY26 result could prove pivotal.
A strong result and upbeat FY27 outlook could help rebuild investor confidence. A disappointment, however, could send the shares lower again.
For investors prepared to look beyond the headlines, WiseTech remains one of the ASX's most intriguing – and closely watched – potential turnaround stories.
