RMD has fallen over -20% from this months high following its disappointing earnings result, 4Q revenue was a touch below consensus and also accompanied by weaker margins when the market was looking/positioned for expansion. While the result wasn’t great, it didn’t command a -20% rerating in our opinion but as we said yesterday “In the current market swing lows are taking longer to form and are generally deeper than most people expect.”
- We now believe that solid risk/reward has returned to RMD and are considering increasing its exposure into current weakness
MM is bullish RMD into current weakness
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