Correct, but I have a feeling if the 2.5 & 2.6 walls come down, we could be looking at a bounce to mid 3's, where it belongs for now. Still too cheap at the moment IMO (without even rating in the upcoming deals etc). K2U revenue alone deserves an SP of mid 3's. DYOR.
Someone is buying up pretty big, I think insto's and sophs might be returning.