FLT has flatlined for the last 5-6 weeks, and there have been no changes in our view of the business; in today’s digital world, this is a rare example of a business with a bricks-and-mortar presence outperforming a purely digital version, i.e. WEB. We think this is a positive read-through for HLO.
- We haven’t been fans of FLT over recent years, and after its latest report, we are comfortable adopting a neutral stance.
MM is neutral towards FLT ~$21.50
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