FLT continues to trade near its 18-month low even while people are starting to travel in earnest, the key issue appears to have been their poor earnings guidance delivered earlier in the year i.e. we are currently investing in a very unforgiving market which appears to want FLT to improve earnings before buying back into the operator, also its scary to see it as the most shorted stock in the ASX2000 with a huge 14.4% short position into Christmas
- We can see FLT being a turnaround story at some stage over the next 12 months but we see no reason to fade the crowd just yet.
MM has evolved our stance from neutral/bearish to neutral over recent weakness
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