ANN has corrected 46% from its mid-2021 high and now finds itself down 38% for the financial year after disappointing the market with its post COVID performance, who would have thought the stock would be trading well under its 2020 highs in todays new health & safety world. Januarys major downgrade courtesy of rising costs and falling margins hasn’t been forgotten and for MM to be interested another leg lower is required for this health and industrial safety protection business.
The stocks fairly cheap trading on a 15.5x valuation for 2022 earnings but it’s currently lost the market’s confidence hence MM needs another down leg to spark our interest.
MM likes ANN under $23
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