IEL fell another -3.6% yesterday taking its decline to -17% year to-date after Junes decision by Canada to allow competitors to enter the Student-Direct-Stream (SDS) component of student visas which marks the final stage of opening markets to competitors. It looks like many investors are on the same page as MM putting IEL in the too hard basket until earnings clarification.
- We can see IDP testing/breaking the psychological $20 level over the coming months – they report on the 24th.
MM is neutral/bearish IDP short-term
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