Auto parts business BAP slipped another -1.3% on Thursday, leaving it hovering around its 2-year low – we’re glad we trimmed our position at much higher levels in August. The stock has struggled since disappointing the market in October by flagging a softer 1Q at the AGM. Costs have been the issue, as they have been across many companies and industries through 2023. We expect earnings to recover through 2024, as automotive repair work can only be put off for so long before things grind to a halt, we see this stock as a turnaround story moving forward.
- We are considering where to increase our small 3% position in our Emerging Companies Portfolio.
MM is bullish BAP around $5.40
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