BUZZ — Jefferies cuts ASX — listed Xero's PT amid AI risks and stiff US competition
* Jefferies cuts price target on ASX-listed Xero to A$67 from A$77 * Brokerage says AI unlikely to replace the software firm's accounting software but AI agents may own the user interface and workflow layer, running the risk of making XRO a “headless” accounting software, constraining pricing power * Notes US small bus