Non-residential construction business JLG rallied +2.6% on Thursday for no major reason, perhaps we just saw some book squaring/bottom picking ahead of their result on the 29th. The builder delivered a poor quality upgrade in late June, that seemed to us to be more akin to a downgrade and the market definitely took it as the latter. We think the stock remains too expensive for the sector they operate in and the challenging environment, but a bounce wouldn’t surprise with plenty of bad news already factored into the stock around $5.50.
- We are not a huge fan of JLG until further notice.
MM is neutral toward JLG
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