WEB was one of a number of travel stocks advancing higher on Monday, with Flight Centre (FLT), Corporate Travel (CTD), and QANTAS (QAN) also closing higher on a tough Monday. WEB has already corrected 25% from its August high, amplifying weakness across the index. We wouldn’t be surprised to see WEB bounce, but after the company’s $346m capital raise post-COVID at $1.70, we’re reticent to buy the diluted stock ~$6.
- We can see WEB bouncing into Christmas, but it’s not exciting to us as a longer-term investment.
MM is neutral towards WEB, around $6
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