When you’re cold you’re cold and that’s definitely been the case for both Ansell (ANN) and the Healthcare Sector in 2023 e.g. the Healthcare Index is -5.2% year-to-date compared to the Tech Sector which is up over 30%! ANN has been one of the worst performers and it dropped another -3.4% on Thursday, it corrected over 50% from its 2021 high ignoring over 44% of the company’s revenue coming from the US. ANN downgraded in July with investors facing lower earnings in FY24 due to their inventory uncertainty. The stock remains cheap but as we said in July “it should be”.
- We can still see ANN trading back towards $20 over the coming months and have no interest in catching this falling knife until further notice.
MM is neutral to bearish toward ANN
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