High-flying XRO fell over -2.7% yesterday as some profit-taking appeared to roll through some of 2023’s best performers i.e. XRO has rallied +71% YTD even after Thursday’s dip. If our outlook toward US Tech proves on point another 5-8% downside is likely for this high Beta play i.e. it tends to have exaggerated moves in both directions. After its stellar result in May, we won’t see XRO face the music again until later in the year.
- We wouldn’t be surprised to see XRO dip back toward $110 but we remain comfortable having already taken part profit i.e. we only have a 3% allocation to XRO in our Flagship Growth Portfolio.
MM remains long and bullish XRO
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