We discussed FPH in detail through February, believing the stock has priced in a worst-case Trump scenario after correcting over 16%. Respiratory company FPH generates ~40% of its revenues in the US, and of that meaningful portion of its revenue, 60% of the goods are supplied from Mexico manufacturing facilities. If our view towards tariffs on Mexico and Canada proves correct, FPH looks cheap at current levels.
- We like FPH in the $31 area, targeting fresh highs through 2025, around 20% higher.
MM is cautiously bullish FPH
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