Which ASX battered tech stock has the most upside according to brokers?

ASX technology shares are now one of the most undervalued corners of the market. 

These companies have faced plenty of headwinds so far in 2026, as we’ve seen some of Australia’s biggest tech companies heavily sold off. 

Just to name a few: 

• Xero Ltd (ASX: XRO) is down 33% YTD
• WiseTech Global Ltd (ASX: WTC) has dropped nearly 43%
• Megaport Ltd (ASX: MP1) has fallen 38%
• SiteMinder Ltd (ASX: SDR) is down 54%.

Why are tech stocks falling?

Investors appear to be firmly positioning themselves with a risk-off approach for a few reasons. 

Ongoing conflict in the Middle East has prompted investors to push away from riskier growth oriented companies like tech. 

Additionally, AI interruption fears have turned sentiment largely negative on Aussie tech stocks as investors consider which companies could be replaced. 

Finally, the RBA has raised interest rates amidst rising inflation, which negatively impacts tech valuations which depend on future earnings. 

Altogether, it’s a mix of macroeconomic pressure, shifting sentiment on AI, and a normal correction after a strong rally.

With so much downward pressure in recent months, it’s clear that some of these tech stocks present a relative value. 

The rebound won’t happen overnight. But let’s see which of these battered tech stocks are expected to recover. 

Megaport and SiteMinder could double according to Morgans

Megaport is a technology company that runs a global software-defined network platform, enabling businesses to connect directly to cloud providers and data centres. Its platform allows companies to build fast, flexible connections between their digital infrastructure without the need for traditional network contracts.

Morgans is optimistic its core product is set to benefit from AI growth, rather than be replaced by it. 

The broker has a $16 price target on this tech stock. 

From current levels, that indicates an upside of roughly 112%. 

Meanwhile for SiteMinder, the company provides an e-commerce platform for hotels and other accommodation businesses.

Morgans has a buy rating and $7.00 price target on the company’s shares, with the broker pointing to key business metrics remaining robust despite downward pressure. 

This target is 150% higher than yesterday’s closing price. 

WiseTech and Xero 

Xero shares have continued to tumble in 2026. 

The company offers cloud-based, accounting software for small to medium businesses.

It has been one of the tech stocks caught up in AI integration/replacement fears, as some argue its core business could be at risk. 

However, many brokers still maintain positive outlooks on the company. 

For example, analysts at Citi have retained their buy rating and $144.80 price target. This indicates 93% upside. 

Citi has a similarly positive outlook for WiseTech shares. 

A recent price target of $65.35 from the broker is roughly 67% higher than current levels. 

The post Which ASX battered tech stock has the most upside according to brokers? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Bell has positions in WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport, SiteMinder, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended SiteMinder, WiseTech Global, and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.