With Myer defying the downtrend today, the DJ kerfuffle behind us, and newstores opening towards the end of the year offering growth, is the Myer 'cheap' trainleaving the station?
We are near the end of any tax loss selling, so people/institutions will start to look at the juicy div income of over 8% and FF.
Apart from the poor hiring recently, the latest outlook/update (May) wasn't bad.
My opinion is this will be seen as cheap, and of course those that sold out of DJ and Country Road, will be looking to put their money into something. Added to the GS stake growing and Harris Associates already buying in, to me the only direction is up from here.
I'm calling the bottom in, and have added to those I bought at $2.
MYR Price at posting:
$2.06 Sentiment: None Disclosure: Unspecified
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