ANN rallied almost 4% yesterday following a trading update which included an upgrade to guidance, estimates are now for almost 25% growth in sales compared to last year. Following Wednesdays breakout of its recent trading range the risk / reward looks excellent for the bulls with an initial test of $45 feeling likely reaffirming our outperformance call for the Healthcare Sector and defensives at this stage of the cycle.
MM is bullish ANN with stops below $40 i.e. less than 3% away
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