AMP has been the surprise performer in 2024, bouncing back over 50% year-to-date as it slowly turns around its business after a terrible few years. However, after recent strong gains, the stock is no longer a “cheap contrarian punt,” considering ongoing uncertainty around its earnings outlook. We believe this particular horse has bolted, and the company is not fully out of the woods yet.
- We can see AMP trading between $1.40 support and $1.60 over the coming months, but it’s not for us at this stage.
MM is neutral toward AMP, around $1.40
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