I haven’t changed my view one bit on MFG - but boy - it sure is unloved at the moment. I don’t expect the next set of FUM numbers to help either.
Everything that could be a drag on the sp is happening at once.
1. Overall market on the slide
2. Broker downgrades
3. Most recent results disappointed the market
4. (Pending) Next set of FUM numbers flat or decreasing
I think the FUM number could be one final excuse for the non believers to take the sp down yet another notch. That will be a point where MFG will be ‘oversold upon oversold’ and where I’ll take the opportunity to average down one last time before waiting patiently for a recovery - because I really believe in time there will be one.
MFG Price at posting:
$34.72 Sentiment: Hold Disclosure: Held
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