IAG, like most of the sector, has successfully increased prices post-COVID, exhibiting an excellent ability to accelerate revenue with many people forced to buy insurance, e.g. homes with a mortgage and cars that are leased. However, after advancing ~50% from its 2022 low, we believe it cannot get much better from a trading perspective; hence, the risk/reward is no longer appealing around the $6 area
- We would be fading strength by IAG into fresh 2023 highs, seeing better value elsewhere.
MM is neutral to cautiously bullish on IAG
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