Altium develops and sells software and hardware for the design and development of electronic products. The company sells its products globally, with more than 95% of revenue generated from outside Australia.
“ALU is one of the largest providers globally of PCB design software and has an estimated market share of around 25%,” Michael said.
“Based on its attractive valuation, there may be further upside in the shares over the near-term, with an importantly catalyst being the upcoming interim results release on 20 February.
“The chart also indicates that the price is trying to head higher from here.
“After gapping up in late August it then traded sideways to consolidate the move.
“There seems to be resistance around $39 and ALU is now trying to break above that level and hold.
“If it can continue to hold in up here, then we can be confident that the consolidation is over and ALU is going to trend to higher levels,” Michael said.
Altium (ALU)
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