Like many other tech shares, the Altium Limited (ASX: ALU) share price has had a shocker of a run so far in 2022. After reaching an all-time high of $45.30 on 30 December, the electronic design software company’s shares closed Friday’s session at $27.08. That represents a fall of more than 40% in the space of under six months.
While several economists are predicting a US recession in 2023, some brokers believe Altium shares are undervalued at current prices
According to ANZ Share Investing, Jefferies cut its price target by 4.5% to $42.61 apiece for Altium shares. Based on the current share price, this still implies an upside of approximately 57%.
In addition, Bell Potter has a ‘buy’ rating and a $41.25 price target. This reflects a potential increase of around 52% from where Altium shares last traded.
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