MQG is still up for 2023, although it doesn’t feel like it, having seen the stock knock on the $200 door in February. MQG recently delivered a weaker-than-expected 1Q24 trading update, hence, we’ve tweaked our accumulate area down slightly. We believe this provides a buying opportunity into this quality business where management is confident of a stronger 2H – early November will tell the tale. The markets not convinced as the weaker than expected 1Q trading update in July drove further downgrades for the stock, with consensus cutting earnings -4.2% and -1.1% over FY24-25E,
- We trimmed our position above $190, in hindsight a more aggressive move would have paid dividends, but below $160, and we are likely to increase – MM holds MQG in our Flagship Growth Portfolio.
MM remains long and bullish toward MQG
Add To Hit List
