0414 GMT - Accounting-software provider Xero needs to spend even more on U.S. marketing and global R&D to fend off competition from the likes of Intuit, Jefferies analyst Roger Samuel warns. He largely likes the Australia-listed company's efforts to embed AI throughout its platform, but worries that issues last year with its automated assistant may have harmed users' perception of the tool. With competition intensifying, Samuel tells clients in a note that the recent introduction of the Xero Ultra plan for medium-size and growing businesses looks like a customer retention move. Jefferies keeps a hold rating on the stock and lowers its target price by 13% to 67.00 Australian dollars. Shares are down 4.3% at A$56.99.
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