The stock has gained 9% the day of the release as a relief after the last quarter. The results show that June was indeed the nadir in weakness. As a reminder, management decided to warn on its results and reduce its guidance in July, even though the market was already improving. We believe the outlook remains foggy, which perhaps explains the cautious guidance upgrade.
04 Nov 2019
Q3: reassuring after H1
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Q3: reassuring after H1
The stock has gained 9% the day of the release as a relief after the last quarter. The results show that June was indeed the nadir in weakness. As a reminder, management decided to warn on its results and reduce its guidance in July, even though the market was already improving. We believe the outlook remains foggy, which perhaps explains the cautious guidance upgrade.