Nickel and lithium miner IGO delivered a strong result in August, but after enjoying a bounce for a few weeks, the stock has followed the ESG sector lower, i.e. it doesn’t matter how good the theme is if everybody’s long, the short move is likely to be on the downside.
- We like the risk/reward towards IGO ~$10.50, or ~35% below its 2023 high.
MM is bullish IGO into weakness ~$10.50
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