MQG slipped 1.1% on Thursday, largely ignored by the bank sellers. The company’s tepid trading update in February was more a case of deals being pushed back rather than being shelved. There was nothing overly exciting on the agenda, and the stock feels at fair value around $200. Hence, it is at the mercy of market sentiment. At this stage of the cycle, we are happy to be on the sidelines after the stock’s ~30% recovery.
- We took profit on our MQG position a touch early in late January ~$190; moving forward through 2024, we can see consolidation with an upside bias.
MM is neutral MQG around $200
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