On-line recruitment business SEK, which MM recently added to its Flagship Growth Portfolio, held its AGM yesterday and it was a pleasant steady as she goes message as the company stuck to its guidance across the board while applications per ad have improved. Over the longer term we are concerned about the improving quality of a number of SEK’s rivals but after almost halving we like the stock’s current risk/reward.
- We are still targeting a test of the $25 area into Christmas, or 10-15% higher.
MM remains bullish and long SEK
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