The Healthcare Sector has embraced the advance by bonds through November, and we anticipate this improvement over the last 5-weeks will continue into 2024. However, it’s still likely to be patchy, as we’ve witnessed through most of 2023. Our preferred scenario is a “risk on” style Christmas rally that will see some less popular names enjoy a rare period of outperformance, but time will tell on this front; it wasn’t noticeably the case on Wednesday.
- We can see COH posting fresh all-time highs into Christmas, now less than 3% away; hence the risk/reward isn’t exciting.
MM is neutral/bullish towards COH
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