For the second consecutive Monday, high-flying GMG was one of the worst-performing real estate stocks; yesterday, it fell -3.6%, taking out the wooden spoon this week. The stock is still up an impressive +18.6% year-to-date, but as we saw yesterday, it’s a definite candidate for profit-taking when markets lose confidence that central banks will start cutting rates in 2024.
- We remain bullish on GMG, but a pullback into the $28-29 region wouldn’t surprise us.
MM remains long and bullish on GMG
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