LLC rallied +4.8% yesterday embracing both falling bond yields and a very strong performance by the Property Sector. It was encouraging to see one of our selected beaten-up names enjoy a bid tone following the market-friendly US inflation print although before it really starts motoring its needs to deliver on the corporate front, just as we saw by MP1 earlier this week – a 7.9% short position could certainly add some momentum on the upside if/when we hear some good news for LLC, there is certainly not much optimism built into LLC at current levels, particularly from their construction business.
- We like the risk/reward towards LLC as the economic backdrop falls into place, we are initially targeting a break of $9.
MM remains long and bullish toward LLC
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