COL was hammered in the 4Q of 2023 after a disappointing result, which management blamed on inflationary pressures and costs; interestingly, the former has now abated. As we’ve said previously, COL has to deal with many years of underinvestment in key processes, from logistics and distribution to technology and consumer experience. Still, there always comes the point where the discount becomes too large, and value presents itself.
- We would consider COL from a valuation perspective on a break of its 2023 low.
MM is neutral COL around $16
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