The Bottom Line

We have a very different outlook on the 4 big movers considered today:

• We are bullish towards APE, liking its earnings-accretive purchase of the final 20% of the BYD dealership business.
• We are cautiously bullish towards TPW as a trade as opposed to an investment.
• We are long and bullish towards ZIP after what we believe is a speed bump as opposed to a game-changing 1Q27 result.
• OFX is firmly in the too hard basket.