Plumbing and hardware business REH fell -2.3% on Thursday, not a huge decline within the context of many moves on the day but it did make fresh 4-week lows in the process. We believe that REH’s rally since June 2022 is maturing fast, and there wasn’t enough in last month’s result to push the stock above $21, we now believe the risk/reward points to a test of the $18 area before we see a meaningful move back towards $21 – a similar, although not as bullish look & feel as to JHX which we covered earlier in the week here.
- We can see US interest rate concerns continuing to weigh on REH with 56% of its revenue from the US in 2022.
MM is neutral to slightly bearish REH short-term
Add To Hit List
