Leading broker puts buy rating on Xero (ASX:XRO) share price

The Xero Limited (ASX: XRO) share price has been a strong performer in 2020.

Since the start of the year, the cloud-based business and accounting software provider’s shares have jumped almost 67% higher.

Is it too late to buy Xero shares?

According to a note out of Goldman Sachs, its analysts believe the Xero share price could still go higher from here.

This morning the broker commenced coverage on the company with a buy rating and $157.00 price target.

This implies potential upside of just over 18% for its shares over the next 12 months.

Why is Goldman Sachs bullish on Xero?

Goldman Sachs likes Xero due to the quality of its offering, its large and growing total addressable market (TAM), and its attractive unit economics.

The…