Plumbing business RWC rallied +1.4% yesterday making it the 3rd best-performing stock on the main board, in a similar fashion to REH it has rallied well through 2023. In April RWC delivered a solid 3Q’23 earnings report which showed both sales and margins are trending upwards, we think this may be repeated but their outlook will deliver a fascinating insight into major parts of the global economy.
- We believe the upside momentum is likely to take RWC towards $4.50 but again the risk/reward is unappealing ahead of its earnings report on the 21st.
MM is short-term mildly bullish toward RWC
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