MM have mentioned CSL a number of times in the last few weeks but after ignoring / being bearish this quality company for almost 2-years we now believe its time to start buying as the masses are jumping ship – the stocks valuation has already dipped well under 40x after previously being priced too optimistically in our opinion, another 5% downside and the risk / reward will look good – a classic punch to fresh 16-month lows should be enough to shake out the final weak investors, often an ideal time to start accumulating a stock that’s been struggling.
MM is considering buying CSL ~$240.
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