New and used vehicle distributor APE tumbled -4.9% yesterday surrendering some of its previous impressive gains through 2023. This is one of our preferred exposures to the Australian consumer but with sentiment clearly bearish we are likely to adopt a patient stance before considering buying.
- We still like APE but from a risk/reward perspective, in today’s tough retail environment, our optimum entry is closer to $11, or 14% lower.
MM likes APE closer to $11
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