ANN disappointed the market this week as it showed demand for its products was falling away much faster than expected as the world looks to move on from COVID. We had felt the stock looked ok under $30 before they were accused of modern day slavery at a Malaysian operation late last year, after which time we elected to give it a wide birth. This is a stock that we have no interest in “bottom picking” and we believe that approach this year is fraught with danger.
MM is now neutral ANN
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