On the 19th of March Macquarie Research set a 12 month price target for CCP of $19.80. This was arrived at after slashing earnings forecasts for 20 by 25%, 21 by 52% and 22 by 21%. They did point out that CCP is well capitalised, the market leader in Australia and likely to be the long term beneficiary of the strength of their business. So it was not surprising to me to see MQG buying 5% at these distressed prices. I added to my holding yesterday at $10.68 as I expect the damage done is not going to be as great as Macquarie are forecasting but even if it is, CCP will thrive.
CCP Price at posting:
$13.69 Sentiment: Buy Disclosure: Held
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