ANN was the best performer of the major healthcare names yesterday, and although the +2.8% rise wasn’t vaguely as dramatic as the crash by NAN, it was another example of an underperformer over recent years attracting some buying. The company downgraded mid-last year, compounding similar moves in 2022 and until they start delivering buying feels like “bottom picking” for the sake of it, although the recent price action suggests things are set to improve, i.e. share prices often lead news.
- We are starting to like the look of ANN at current levels with an advance towards $30, feeling likely, but the company reports in a months time, and it has had a very poor scorecard since Covid – not a game of two-up for MM.
MM is neutral to cautiously bullish ANN below $25
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