High flying ALU rallied another +4.1% yesterday on a day when all names in the Tech Sector advanced. The Printed Circuit Board (PCB) design platform reported stellar FY22 results in August, revenue was $221m (+3% ahead) and EBITDA $81.1m (+8% ahead) while their FY23 guidance was also +8% better than consensus making this arguably the best result we saw from the recent season – MM is bullish even from these elevated levels.
- We remain long and bullish ALU looking for +20% upside from the current $37 region into 2023.
MM likes ALU for a test / break of recent highs
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