It has been a tumultuous few weeks for Xero Ltd (ASX: XRO) shareholders.

The Xero share price finished Tuesday at $58.04, down around 49% in 2026 and 63% over the past 12 months.

It has also fallen more than 30% in September alone, despite the company releasing no major bad news during the sell-off.

But could Xero shares eventually make their way back to $100?

From yesterday’s close, that would require a gain of around 72%.

That sounds like a lot, but I don’t think $100 is unrealistic over the next couple of years.

Here’s why.

The market has changed its mind

One of the most interesting things about Xero’s fall is how quickly investors have changed what they’re willing to…