COL was dragged down 2.4% following Woolies’ (WOW) disappointing downgrade and subsequent 6.1% drop. In simple extrapolation, if WOW has margin issues due to discounting, COL will alos likely be impacted to a lesser or greater degree. Last week, we said we liked COL in the $17-17.50 region. This has been tweaked lower to the $17 level, but we still prefer COL over WOW in line with backing the strong horse as the Cup approaches.
- We especially like COL as defensive play if/& when the index makes new highs into Christmas.
MM likes COL around $17
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