Top retailer JBH is already up +8.66% year-to-date, breaking above $100 yesterday morning, and we thought it was fully valued as it rallied towards $80! JBH hit fresh all-time highs on Wednesday as Citi upgraded the stock’s target to $110 despite acknowledging its stretched valuation. The note felt a touch like capitulation, but it remains a company we would love to re-enter into weakness. However, chasing above $100 is not on our menu; we prefer other retail names if the Australian consumer spending capacity improves with likely rate cuts this year, the crux of the Citi upgrade.
- We like JBH and will be watching carefully if/when it again corrects ~$10 as it often does.
MM is neutral JBH ~$100
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