We covered LOV in detail last month (here) when the stock was trading above $32, and our big issue was valuation. Nothing has really changed! After phenomenal growth, we’re cautious about chasing LOV with a new CEO and store roll-out that could miss expectations i.e. the coming years will likely be more challenging to mirror previous expansion.
- We like LOV as a business but aren’t keen to chase the jewelry retailer above $32.
MM would turn more positive on LOV around $28
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