We wrote about WBC last week, and the roadmap we drew is unfolding to script, although it didn’t quite get as high as we guessed—if it’s not broken, don’t fix it! WBC’s quarterly update disappointed the market with lower profit simply not justifying the stock’s phenomenal run since early 2024. We see further downside even after its 9.5% pullback in the last fortnight, but most of the damage already appears in the rearview mirror.
- We will consider WBC back in the $30-31 region, or 4-6% lower.
MM is neutral WBC ~$32
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