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Woolworths Group Ltd (WOW) $32.98

WOW has corrected over 23% from its 2021 high not helped by the negative downgrades from its US peers. The supermarket operator has been pressured by rising fuel, staff and general energy costs, not an ideal trifecta. However, WOW is a defensive stock by nature because people need to eat and the impact of a restrained consumer will be felt far worse at restaurants plus they can always raise prices to compensate – after the lettuce saga has dominated the press a few per cent increases across other goods will hardly be noticed!

WOW, should eventually benefit from food inflation with further shelf price increases inevitable hence we believe the stock represents good value as its slips to fresh 12-month lows.

MM likes WOW under $33
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Woolworths Group Ltd (WOW)
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