WOW arguably breaks the mold here having surged ~13% after delivering a strong 1H result in February Here. The stock hasn’t corrected in line with the broader market sell off, having enjoyed a safety/defensive bid through the Iran War. If we see a pullback towards $35 in the coming weeks as the war deescalates and investors move up the risk curve at the expense of WOW, we believe it provides a good opportunity to enter the stock, which has been gaining momentum over the past 6 months.
- We like the risk/reward towards WOW, initially targeting the $40 area.
MM is bullish towards WOW around $35
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