Q: Hi, Do you think, Hammond Power stock is settling now in a range and near term downside risk is minimal, with sellers/skeptics mostly done ? And if so, what would be a new reasonable price level to add ? Thank You
5i Research Answer:
It is always difficult to predict this, but things do seem calmer, and the initial panic selling on the quarter has abated. The stock has joined the recent market rally, up 9% in three days. If a position is already owned then investors have some time. But we think an add price could be in the $109 to $110 range now.