ANN was the best-performing healthcare name yesterday gaining +1.5% although it remains well below its pre-COVID levels, not a good result for a health and safety business. Unpredictable supply/demand dynamics have weighed on ANN, and visibility of inventory in the onward value chain is still low which has left the market cautious toward further negative surprises, but with that comes potential value. We believe ANN is reasonable well priced around 16x for the earnings profile they can deliver.
- We like ANN around $27 with an initial rally into the low $30 region looking likely.
MM is bullish about ANN
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