WOW made fresh 4-year lows in May following a soft 3Q sales update but its subsequently bounced over 10% as the bargain hunters entered the fray helped by the ASX edging towards fresh highs. Woolies doesn’t feel cheap trading at current levels considering the ACCC risks into 2025 and we see no reason to chase the current rebound in the stock.
- We like WOW under $30 from a risk/reward perspective, i.e. over 10% lower.
MM is neutral towards WOW around $33.50
Add To Hit List
