The brokerage Jefferies has recalibrated the price target for the Australian software solution provider, WiseTech Global (ASX:WTC).

This upward revision is on the heels of potential growth opportunities detected in WiseTech’s customs solution.

The price target rose robustly from A$64.72 to A$80, with an accompanying rating of ‘hold’.

Jefferies also projected that customers already utilizing the company’s leading technology offering, the CargoWise Freight Forwarding module, are extremely likely to use the more lucrative customs solution.

However, despite this optimistic outlook on WiseTech’s growth, Jefferies expressed some concerns regarding the fiscal year 2024 consensus forecasts.

It predicts a net profit after tax for FY24 that is 6% below the consensus estimate of A$330.5 million.

A recent Refinitiv survey highlights a median price target of A$79.50, with 8 out of 15 analysts rating the stock a ‘buy’ or higher, 6 recommends to ‘hold’, and 1 advises to ‘sell’.

Year-to-date, the stock has surged approximately 72% in value.

WiseTech Global is a provider of software solutions to the logistics industry.