Why the Xero (ASX:XRO) share price is outperforming today

The Xero Limited (ASX: XRO) is outperforming its peers and the broader market after the stock was upgraded by a leading broker today.

The Xero share price is leading the WAAAX cohort of ASX tech darlings when it jumped 1.6% to $121.49 in the last hour of trade.

In contrast, the Appen Ltd (ASX: APX) share price gained 1.1% to $18.21, while the Altium Limited (ASX: ALU) share price, Afterpay Ltd (ASX: APT) share price and WiseTech Global Ltd (ASX: WTC) share price slumped between 1% and 2% each.

Xero share price defying the tech gloom

ASX technology shares have been on the nose lately as rising bond yields reduced appetite for high growth shares trading on expensive multiples.

But this could be the right time to be buying the Xero…