Throughout 2023, we have resolutely stuck to our bullish outlook for US tech, which has panned out perfectly with the NYSE FANG+ Index now poised to make fresh all-time highs. Similarly, the local Tech Sector has enjoyed a stellar time, rallying +21.7% year-to-date, although volatility has increased over the last few months with the market’s tolerance to average company news waning by the day – this fits with our view that the move by US tech is maturing.
MP1 was one of those businesses whose numbers weren’t good enough when they recently reported in October, the stock subsequently tumbled over -15%. However, it has steadily recovered over recent weeks as investors have become more risk-tolerant, and we can see a test of recent highs into Christmas/early 2024.
- We like MP1 as a “trade” only targeting new highs for 2023, or ~20% higher.
MM is cautiously bullish MP1 into 2024
Add To Hit List
