ALL drifted lower yesterday and continues to fail to impress after this month’s more tepid growth outlook, in line with one of the dominant characteristics of 2022, MM has now cut our position in ALL, as flagged on a number of occasions in recent reports, for a ¬6% loss, frustrating considering where the stock was a few weeks ago, unfortunately, reporting season is rarely all a bed of roses.
- We gave ALL a little time after a disappointing result but it now simply “feels wrong” – we’d rather have the flexibility to go after something else.
MM is now neutral ALL
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