HVN has endured a really tough few years, but while their result in August showed some resilience coming in well ahead of consensus, earnings were still down ~34% i.e. the market had simply become too bearish. While we aren’t fans of its franchise segment, it does appear to be performing better than many feared, although not good enough to see a reduction in its 6.3% short position. In our opinion, their product mix includes too many large items that consumers may decide or be forced to put on hold if money does get increasingly tight for the consumer.
- We can see +10% upside by HVN over the coming months, but it’s not on our radar at this stage.
MM is cautiously bullish on HVN into Christmas
Add To Hit List
