When NBR last caught up with Woodward Partners Equities' Nick Lewis, early April, he raised the possibility that Xero [NZX: XRO] shares could fall to the mid-teens if things go against it in the key US market.
His July 1 research note isn't that harsh, in the final event — but it isn't that far
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Analyst downgrades Xero to sell on US concerns — Drury responds
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