The WiseTech Global Ltd (ASX: WTC) share price was the worst performer on the ASX 200 in February.
During the month the logistics solutions company's shares lost almost 40% of their value.
The catalyst for this was the release of its half year results. Although WiseTech delivered solid profit growth, it was forced to downgrade its guidance due to the impact of the coronavirus outbreak.
The company was previously guiding to full year EBITDA growth of 34% to 42%. But the coronavirus outbreak means it now expects growth of just 5% to 22% for the full year.
The good news for shareholders is that its shares are finally heading in the right direction.
In afternoon trade on Monday, the company's shares are up a sizeable 15% to $17.38. This makes it the best performer on the benchmark index today.
Why is the WiseTech Global share price zooming higher?
Investors have been buying the company's shares today in response to a positive broker note out of Ord Minnett this morning.
According to the note, the broker has upgraded WiseTech's shares from a lighten rating to a buy rating. And although it has trimmed its price target slightly to $19.00, this still represented meaningful upside from its last close price of $15.10.
The broker made the move after the aforementioned pullback in its share price during February. And while Ord Minnett acknowledges that its revised FY 2020 guidance could yet prove too optimistic, it still sees value in its shares at the current level.
WiseTech Global isn't the only WAAAX stock that the broker has become more positive on. It also upgraded Altium Limited (ASX: ALU) to a buy rating with a $33.40 price target this morning.
It feels the pullback in its share price since its half year update is also a buying opportunity for investors.
