Market darling CSL was sold off aggressively in June following a trading update which dampened bullish analyst expectations e.g. UBS cut their FY24 earnings assumptions by 13% in the 24 hours after the news. After falling ~18% from its recent high, we now believe the risk/reward pendulum is swinging back towards CSL as further potential bad news from next week’s report is arguably already built into the stock.
- We are watching the elastic band carefully between RMD and CSL as we ponder our broader healthcare exposures.
MM likes CSL into fresh 2023 lows
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