5/8/24 - $yeti - would LOVE a dip on this fundamental buy

5/8/24 - vrockstar - this is one i've long loved and wanted to size up in the right situation. the last print was a disaster, but probably not considering the consumer environment. the current px is defn already taking this into account. at 14x PE, net cash, high single digit FCF yields... objectively this is an OBVIOUS buy in a 9-12 mo context (even year-end target IMO). I'm staying cautious, however, b/c this tape is absolutely ruthless and any indication that mgmt decides to water down the outlook, or imply that consumers are shopping less for this (let's be honest) pricey stuff... will re-rate us a bit lower. I'm targeting a 12x PE on 2.5$ of EPS which puts you near $30. anything below that is a pretty obvious buy and you've effectively filled the gap from late '22 (*check*) and don't have any more technical nonsense to beware. therefore hoping for a dip buy. I'd even be buying a relatively shallow dip... stock defn setting up for the worst. my guess is that it's a good print - unfortunately it's hard enough to own those, nevermind a consumer name selling expensive merch if something is communicated poorly. stay nimble my friends on this, don't miss a dip buy if presents itself.