WBC also endured a tough Monday, falling over 4% after its quarterly update showed profit and margins slipped due to higher cost-of-living pressures bit into customers’ spending power. This is not ideal, given that the stock has surged over 50% in less than two years, and its valuation is over 20% higher than its average of the last five years. A rate cut will likely support the stock, but we see no reason to buy WBC ~$33.
- We can see WBC testing the $30-31 area in the coming months.
MM is neutral to bearish WBC short-term
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