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Turnaround Letter
Out-of-Favor Stocks with Real Value

Cabot Turnaround Letter 821

Thank you for subscribing to the Cabot Turnaround Letter. We hope you enjoy reading the August 2021 issue.

With the stock market’s remarkable strength over the past five and ten years, most stocks have produced at least reasonable gains, such that even out-of-favor stocks aren’t down-n-out stocks. We look at attractive turnarounds among stocks with flat to negative five-year returns.

SPACs, or special purpose acquisition companies, are all the rage. While the group has rightfully earned the disdain of value investors, there are some post-SPAC companies worth a closer look. We highlight five.

Our featured Buy recommendation, Walgreens Boots Alliance (WBA), is viewed as a broken growth company. While its challenges are clear, its shares now trade at a bargain valuation, yet the company has sturdy finances and a new outsider CEO. This combination, combined with a sustainable (and growing) 4.1% dividend yield that pays investors to wait, makes it an attractive turnaround candidate.

During the month, we moved Macys (M) to a Hold and raised our price target on Duluth Holdings (DLTH) from 17.50 to 20.

Please join us for the our 9th Annual Smarter Investing, Greater Profits Online Conference, held on Tuesday, August 17 through Thursday, August 19. You can see presentations by all of our analysts, which will include updates in their areas of expertise and discussions of their best picks.

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Cabot Turnaround Letter 821

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Five-year Laggards with Turnaround Potential
It’s been a remarkably strong market, not just since the bottom of the pandemic-driven sell-off a little more than a year ago, but over the past decade. The 10-year annualized total return of the S&P 500 was 14.8% at the end of June, one of the strongest decades in history. Shorter-term gains have been even sharper: the 17.7% annualized return over the past five years, which bridges the pandemic sell-off, is simply stunning.

After such an extended bull market, most stocks have produced at least reasonable gains, such that even out-of-favor stocks aren’t necessarily down-and-out stocks. Over the long term, the S&P 500 has produced annual returns averaging about 10%. At this pace, a typical stock would have gained nearly 60% over five years – clearly a laggard in today’s market but hardly a miserable performance.

It’s among the true laggards – those with flat or negative returns over the past five years – that we found some interesting turnarounds. We generally avoided stocks with deeply negative returns (other than Fannie Mae preferreds), as members of this group generally have company-threatening issues that permanently impair their value. We focused on those with some enduring value, and in most cases with some type of catalyst that might significantly improve how they utilize their assets and thus drive their shares higher. Listed below are seven interesting potential turnarounds in this group:

Barrick Gold (GOLD) – Previously recommended by the Cabot Turnaround Letter and sold for a large gain, Barrick’s shares look appealing once again as they have fallen back to about 20. Investors worry about the stagnant gold price and a mildly rising risk of foreign governments seizing more profits from its mines. The company, based in Toronto, is one of the world’s largest and highest quality gold mining companies. About 50% of its production comes from North America, with the balance from Africa/Middle East (32%) and Latin America/Asia Pacific (18%). Barrick continues to improve its operating performance (led by its relatively new and highly capable CEO), generate strong free cash flow at current gold prices, and return much of that free cash flow to investors while making minor but sensible acquisitions. The shares also offer optionality – if the unusual economic and fiscal conditions drive up the price of gold, Barrick’s shares will rise with it. Given their attractive valuation, the shares don’t need this second (optionality) point to work – it offers extra upside. Barrick’s balance sheet has more cash than debt, and the company is paying recurring and special dividends this year that will produce a 3.8% yield.

EQT Corporation (EQT) – This Pittsburgh-based company is the largest producer of natural gas in the United States, with its output contributing nearly 5% of the country’s total production. Its operations are concentrated in the Appalachian and Utica regions of Pennsylvania, West Virginia and eastern Ohio. Big changes are underway at EQT. In 2019, members of the almost-legendary Rice family took control of the company after a successful proxy battle, leading to improved operations and capital discipline. This past May, the company announced the $3 billion strategic acquisition of Alta Resources for stock and cash. The deal will boost EQT’s free cash flow and accelerate its timing for eventually reaching an investment grade credit rating – a milestone that could boost the shares.

Free cash flow already looks encouragingly strong: at $2.50 natural gas prices, the company said it would generate at least $3.5 billion in cumulative free cash flow over the next six years, yet at the current price of $4.01, its cash flow would likely be much higher. One notable risk is that the anticipated Mountain Valley Pipeline may not be completed, potentially leading to a local glut of natural gas and thus reduced prices for EQT. Yet, with EQT shares trading near their all-time lows, and the company having considerable financial flexibility to endure even with lower natural gas prices, this investment looks worthy of holding for the potential for large gains down the road.

Fannie Mae 7.625% Preferred (FNMAJ) – Fannie Mae, along with its close peer Freddie Mac, dominate the residential mortgage securities market. In a 2008 bailout, both companies were put under federal control. In 2012, a policy change allowed the Treasury Department to collect all of the entities’ profits, even though many believed that this may have violated rules that could have allowed them to rebuild their capital, re-emerge as publicly-owned companies and significantly boost their securities’ prices.

However, about a month ago, the Supreme Court ruled that the profit sweep was within the Federal Housing Finance Agency’s (FHFA) authority, sending Fannie and Freddie securities’ prices plummeting. With expectations extremely low, the preferred shares look like a fascinating opportunity for intrepid investors. We chose the preferreds, as their $25 par value is contractual, whereas common shares have no contractual value. While the chances are slim, a return to public ownership could restore the preferreds to par for a 14x gain that also would produce a dividend higher than their current price. Investors would want to buy a modest amount and “put them in a drawer” for years, selling only when the shares either were nullified as worthless or were restored to par.

Harley-Davidson (HOG) – After riding high for decades as it capitalized on its legacy motorcycle brand, Harley’s strategy lost traction when its targeted demographic base aged. At the time, the management team had focused on gaining market share, which diluted the brand and resulted in weaker prices for new and used bikes.

Under new CEO Jochen Zeitz (March 2020), the company unveiled a 5-year turnaround strategy that takes the opposite strategy – enhancing their position as the most desirable motorcycle brand in the world. As the company has tightened its geographic and product focus, along with efficiency improvements, the new strategy has started to bolster margins and restore some revenue growth. With tighter supply, prices for new and used bikes have improved. Harley is entering promising and closely related new segments, and its LiveWire electric-powered motorcycle business brings considerable potential. While the balance sheet is somewhat levered, Harley is profitable and produces decent free cash flow.

Las Vegas Sands (LVS) – Las Vegas Sands’ properties offer world-class gaming, hotel, restaurant, retail and conference facilities. After the pending sale of its Las Vegas businesses (including The Venetian) for $6.25 billion, the company’s properties will include the impressive Marina Bay Sands in Singapore and, through its majority ownership in Sands China Ltd, six premium properties in Macau.

Due to concerns over new pandemic-related travel restrictions, short-term-oriented investors have sold LVS shares, driving them to near their pandemic lows, providing an interesting opportunity. The company is producing positive EBITDA in both its Macau and Singapore operations, and has an investment grade balance sheet that will be bolstered by the property sale. These traits buy it time until the restrictions are lifted. Also, Las Vegas Sands plans to add new properties in Macau, Singapore and South Korea – markets with considerable potential for growth. While LVS shares carry risk, including from China’s tensions with the United States, the sharply reduced share price makes this bet appealing.

Salvatore Ferragamo Group (SFRGY) – Iconic Italian luxury brand Ferragamo has lost its way. Weak management has struggled to adapt to the secular shift toward casual work attire, worsened by the pandemic-related shift to work-from-home and a decline in tourist traffic. Further, quality and fashion missteps have produced disarray inside the company and confusion among its customers. Reflecting its problems, the shares have gone nowhere in the decade since their 2011 IPO. However, major changes may be on the way as new leadership arrives early next year. Marco Gobbetti, the incoming CEO, brings an impressive luxury brand track record such that when news of his pending move from Burberry hit the markets, Burberry’s shares fell 7%. The Ferragamo family, with its 66% ownership stake, remains closely involved. The company has a solid balance sheet, is profitable and generates positive free cash flow. Its challenges are high, but so are the opportunities.

Seven and I Holdings (SVNDY) – This Japanese conglomerate owns the ubiquitous 7-Eleven convenience store chain as well as a collection of Japanese department stores, specialty stores and financial services businesses. In May, the company acquired the Speedway chain from Marathon Petroleum for $21 billion. The unwieldy conglomerate has struggled to produce reasonable value for shareholders, particularly in its non-convenience store operations, such that highly-regarded activist investor Value Act took a 4.4% stake this past May.

Value Act believes the 7-Eleven chain could be worth twice its current valuation if the company cleaned up its corporate structure or spun out the chain. In response, Seven and I has announced a partial divestiture of its Francfranc stores – the first such exit in decades. Following the momentous boost to Japanese shareholder power from Toshiba’s governance debacle, Value Act is in a much stronger position to help guide Seven and I’s break-up. Investors will want to be aware of the somewhat thin market liquidity for the SVNDY shares, which trade as ADRs in the United States.

Five-Year Laggards With Turnaround Potential
% Chg Vs 5 Years Ago *Market
Cap $Bil.
Yield (%)
Barrick GoldGOLD20.63+436.76.21.4
EQT CorporationEQT20.22-505.64.60.0
Fannie Mae 7.625% prefFNMAJ1.75-58nana0.0
Las Vegas SandsLVS45.77-434.912.30.0
Salvatore FerragamoSFRGY10.34-153.411.30.8
Seven & ISVNDY23.07-1140.15.32.1

Closing prices on July 23, 2021.
* For SFRGY, change shown is for ordinary shares, as the ADRs do not have an adequate five-year trading history.
** Enterprise value/EBITDA, based on consensus estimates for fiscal years ending in calendar 2022.
Sources: Company releases, Sentieo, S&P Capital IQ and Cabot Turnaround Letter analysis.

Bargains Among SPACs (Part 1)
Once obscure, SPACs are all the rage in the market. So far this year, over 375 special purpose acquisition companies have completed their IPOs, raising nearly $115 billion. These seven-month totals have surpassed the full-year total for 2020, itself by far a record year. SPACs have clearly captured an iconic place in the current zeitgeist. So, why is the Cabot Turnaround Letter even thinking about this group?

As contrarians, we hunt for bargains among stocks that investors have discarded. The recent downturn in SPAC stocks, partly driven by tighter SEC disclosure regulations, has had a throw-the-baby-out-with-the-bathwater effect on the overall group. In our search, we looked for quality companies at discounted prices and for stocks heavily sold yet have attractive risk/return traits.

SPACs, of course, complete their IPOs as merely shell companies, usually at $10/share. Investing in these shells requires considerable faith, as the SPAC management has a blank check to later buy whatever company it wants. Such acquisitions typically provide a private company with a less-regulated way to go public compared to a traditional IPO, yet this process bypasses important shareholder protections. Also, the SPAC IPO game is heavily played by savvy sponsors and highly skilled hedge funds who may leave private investors holding the bag. Another problem arises from the two-year time limit that SPACs typically have to complete an acquisition without losing some very favorable financial incentives, including discounted warrants. This exerts pressure on the SPAC to complete a deal at any price – which usually means unfavorable terms for the SPAC and its shareholders. The recent deluge of new SPACs, combined with a shrinking number of private companies that want to do a combination, only exacerbates this pressure.

Investing after a company merges with a SPAC can reduce investors’ risks. By waiting, investors have the opportunity to understand the underlying (acquired) company, explore regulatory filings, select the more promising ones while avoiding those with speculative or suspect business models, and then wait for an attractive entry price.

Listed below are five operating companies that have completed their SPAC merger and have attractive shares. Prospective investors may want to dabble in these now, or keep them on the watchlist for potentially even better buying opportunities. In addition to the list, we are watching promising companies like Utz Brands (UTZ) and Blue Owl Capital (OWL) but are waiting for more attractive entry points.

This article can be considered “Part 1” as we’re fairly certain that in 12 to 18 months, after more froth fades away and many lock-up agreements expire, the pool of discarded yet worthy post-SPAC companies will be filled to the brim, allowing us to write “Part 2”.

ARKO Corporation (ARKO) – Now a member of the Russell 2000, Arko is the nation’s sixth-largest convenience store company, operating over 1,300 locations and supplying gasoline, snacks and other goods to 1,600 other stores across 33 states. Arko has been built by 23 acquisitions, starting with only 320 sites when the current founder and CEO acquired the business in 2011. As the company grows, so does the size of its deals, seen last October in its $353 million acquisition of Empire Petroleum Partners, a major fuel wholesaler.

Ultimately, as the industry continues to consolidate, we see Arko as an eventual seller, perhaps to Seven and I, the owner of the 7-Eleven chain that we discussed in our “Five-Year Laggards with Turnaround Potential” write-up earlier in this issue. Arko has a reasonable debt balance and produces more than enough profits and free cash flow to sustain its business plan. The decline from their $10 SPAC price, and their valuation at about 12x forward EBITDA, offers a worthwhile opportunity.

GCM Grosvenor (GCMG) – Highly regarded Grosvenor is a $65 billion (assets) global alternative investment manager. Founded in 1971, the company has a diversified investment roster that is highly favored by a loyal following of institutional clients. Asset inflows have remained positive and are less vulnerable to indexing or other fee-draining approaches. Its SPAC sponsor was Cantor Fitzgerald, a respected investment and trading firm that added to its initial investment. Grosvenor’s management team owns 77% of the shares, providing an appealing trait. Another appealing trait: the shares offer an attractive dividend yield (at 3.1%), which is unusual as very few post-SPAC companies pay a dividend. Grosvenor’s balance sheet is sturdy, with reasonable debt partly offset by a large cash balance. GCMG shares are about 32% off their post-SPAC high.

Hall of Fame Resorts & Entertainment (HOFV) – Located in Canton, Ohio, this company is closely affiliated with the NFL’s Pro Football Hall of Fame and the NFL Alumni Association, and owns the land surrounding the Hall of Fame. Its strategy is to develop the real estate into a multi-use sports and entertainment destination, including the stadium, indoor/outdoor sports facilities, hotels and a retail promenade. Longer-term, HOF Resorts wants to develop a broad range of revenue sources including media, sponsorships, youth sports, e-gaming, fantasy sports and sports betting.

The leadership team is impressive, headed by Mike Crawford, who previously developed and led Disney’s Shanghai resort and the Four Seasons Hotel’s Asia operations. Other executives bring considerable experience with professional sports management, NFL media content and Walt Disney World Parks and Resorts. As a development company, Hall of Fame Resorts is generating large losses, and its voracious appetite for cash makes it reliant on raising new financing. This stock carries considerable risk, but with a high-quality management team, a close partnership with the NFL and a beaten-down share price, the opportunity holds tremendous potential.

Holley, Inc. (HLLY) – Founded in 1903, Holley is the iconic manufacturer of high-performance after-market car parts, which is an attractive growth industry. After eight sizeable acquisitions in the past seven years, the company has a portfolio of 60 brands across all major categories of parts, with many of its brands holding the #1 market share position. Holley’s revenues are nearly triple its nearest competitor, a significant advantage that it is extending by acquiring companies in the otherwise fragmented industry.

Holley is also an innovator, with 40% of its sales coming from new products introduced over the past five years, including a growing roster of high-performance electric vehicle parts. And, unlike original car manufacturing, which will migrate to electric vehicles, there will likely be enduring long-term demand for high-performance gas-powered vehicle after-market parts. Holley is also expanding its online distribution platform which should build its brand value. Holley has attractive margins, generates solid free cash flow and has a reasonable debt load. At about 10.8x projected 2022 EBITDA, the shares of this high-quality company sell at a large discount to peers.

PAE, Inc (PAE) – Founded over 65 years ago as Pacific Architects and Engineers, the company was among the largest contract service providers to the U.S. military during the Vietnam War. It currently is a long-standing (over 30 years) provider of high-level support to U.S. embassies around the world. PAE was acquired by Lockheed Martin in 2006, and then was owned by a series of private equity firms and the founder’s family, who helped the firm diversify its client base, improve its margin structure and upgrade its service offerings.

Since this past March, the company has been searching for a new CEO, hopefully one who can reinvigorate its growth. The military’s Afghanistan exit presents an already-discounted risk, while opportunity exists in the rising State Department budget and a shift in the military’s priorities to the Pacific region, a PAE strength. The board seems well-qualified, the balance sheet carries reasonable debt, and PAE is profitable and produces healthy free cash flow.

Discarded But Attractive Post-SPAC Companies
% Chg vs HighMarket
Cap $Bil.
Yield (%)
ARKO CorporationARKO8.26-
GCM GrosvenorGCMG10.40-322.311.53.1
Hall of Fame ResortHOFV3.01-780.3na0.0
Holley, IncHLLY12.1001.410.80.0
PAE, IncPAE9.37-

Closing prices on July 23, 2021.
** Enterprise value/EBITDA, based on consensus estimates for fiscal years ending in calendar 2022.
Sources: Company releases, Sentieo, S&P Capital IQ and Cabot Turnaround Letter analysis.


Purchase Recommendation: Walgreens Boots Alliance

Walgreens Boots Alliance
108 Wilmot Road
Deerfield, Illinois 60015
(847) 315-3700

Symbol: WBA
Market Cap: $40.2 Billion
Category: Large Cap
Business: Retail Pharmacy
Revenues (2021E):$132 Billion
Earnings (2021E):$4.2 Billion
7/23/21 Price:46.53
52-Week Range: 33.36-57.05
Dividend Yield: 4.1%
Price target: 70

WBA Trailing 10 Years

Walgreens Boots Alliance is the largest retail pharmacy chain in the United States and Europe, with over 21,000 Walgreens and Boots stores in 11 countries. The company was founded in Chicago in 1909, when Charles Walgreen opened his second pharmacy store. Walgreens completed its IPO in 1927 and expanded mostly through new store openings to 8,000 stores over the next eight decades. In 2013, it initiated a strategic partnership with global pharmaceutical distributor AmerisourceBergen through a 28% equity stake and various commercial agreements. In 2014, Walgreens completed its combination with Switzerland-based Boots Alliance and acquired a 12% stake in Chinese wholesaler Nanjing Pharmaceutical. This past June, Walgreens sold its Alliance Healthcare business to Amerisource for $6.5 billion in cash and shares.

Once a retail powerhouse, Walgreens now faces hefty secular challenges. Its growth has stalled as the pharmacy industry is over-built. Also, customers now have plenty of alternatives to visiting the often poorly run and expensively priced stores. And, constant pricing pressure from private and government payors is squeezing the profit margins on prescription drugs. Walgreens’ strategic plan seems unclear and unoriginal. Its efforts to create wellness clinics in its stores already faces several more-developed competitors. The retail and digital initiatives (which includes a plan to offer credit/debit cards) look more like catch-up efforts than growth drivers and seem unlikely to make a meaningful difference.

As such, it isn’t surprising that WBA shares are out of favor and viewed as a broken growth stock. The shares now trade at half their mid-2015 peak and are essentially unchanged from their price of 20 years ago.

Walgreens has several traits that make it attractive as a turnaround candidate. First, at 9.4x earnings and 7.3x EBITDA using fiscal 2022 consensus estimates, the stock is priced at a bargain. The bargain looks even better due to an accounting quirk that undervalues its Amerisource stake by as much as $4 billion, equal to about 10% of Walgreens’ market cap. And low valuation has resulted in its recently-raised dividend producing a 4.1% yield.

Second, the company’s financial condition is sturdy. While its margins are generally thin, it earns large and stable profits, which management has guided for 10% growth this year. European profits should recover from pandemic-related weakness next year, providing an earnings tailwind. Walgreens also generates immense free cash flow. The company is backed by a sturdy balance sheet with modest leverage even before its recent $3.3 billion paydown from the Alliance proceeds.

Critically, the company replaced its CEO this past March. Roz Brewer, a rising executive at Starbucks where she was the chief operating officer and a board member, brings a much-needed fresh perspective. While topline improvements seem unlikely, Brewer could expand Walgreens’ current $2 billion in efficiency improvements. Perhaps more important, she could improve its capital allocation and strategic priorities, which could lift the shares’ dismal valuation. With the company’s considerable financial flexibility, the new CEO has many ways to increase shareholder value.

While meaningful change may not occur overnight, the company has the potential for a major lift in shareholder value from its depressed level.

We recommend the purchase of Walgreens Boots Alliance (WBA) shares with a 70 price target.

Price Target Changes and Sell Recommendations
On July 2, we moved Macy’s (M) from Buy to Hold as the shares traded above our 18 price target. The fundamentals and valuation are reasonable but not good enough to warrant a price target increase, nor weak enough to warrant a Sell. We are inclined to hold this stock through earnings, which we anticipate will be reported at the end of August.

We raised our price target on Duluth Holdings (DLTH) from 17.50 to 20 on July 9. The shares traded above our 17.50 price target, yet we think the turnaround is still in the early innings and are intrigued by the opportunities at Tractor Supply. The increase to 20 is fairly tight as we want to get more color on the progress at Tractor Supply. This new channel could be a dud, or a home run.

Disclosure: The chief analyst of the Cabot Turnaround Letter personally holds shares of every “Buy” rated recommendation. The chief analyst may purchase securities discussed in the “Purchase Recommendation” section or sell securities discussed in the “Sell Recommendation” section but not before the fourth day after the recommendation has been emailed to subscribers. However, the chief analyst may purchase or sell securities mentioned in other parts of the Cabot Turnaround Letter at any time.


The following tables show the performance of all our currently active recommendations, plus recently closed out recommendations.

Large Cap1 (over $10 billion) Current Recommendations

Price at
Return (3)
Status (2)
General ElectricGEJul 200738.1212.71-430.3%Buy (20)
General MotorsGMMay 201132.0954.94+990.0%Buy (69)
Royal Dutch Shell plcRDS/BJan 201569.9536.78-173.8%Buy (53)
Nokia CorporationNOKMar 20158.025.75-160.0%Buy (12)
Macy’sMJul 201633.6116.66-340.0%HOLD
Credit Suisse Group AGCSJun 201714.4810.06-242.2%Buy (24)
Toshiba CorporationTOSYYNov 201714.4921.55+530.4%Buy (28)
Holcim Ltd.HCMLYApr 201810.9211.53+213.8%Buy (16)
Newell BrandsNWLJun 201824.7827.33+213.4%Buy (39)
Vodafone Group plcVODDec 201821.2416.50-106.7%Buy (32)
Kraft HeinzKHCJun 201928.6839.22+494.1%Buy (45)
Molson CoorsTAPJul 201954.9649.70-60.0%Buy (69)
Berkshire HathawayBRK/BApr 2020183.18278.49+520.0%Buy (285)
Wells Fargo & CompanyWFCJun 202027.2244.59+650.9%Buy (49)
Baker Hughes CompanyBKRSep 202014.5320.21+443.6%Buy (26)
Western Digital CorporationWDCOct 202038.4763.75+660.0%Buy (78)
Altria GroupMOMar 202143.8047.49+127.2%Buy (66)
Elanco Animal HealthELANApr 202127.8536.50+310.0%Buy (44)

Mid Cap1 ($1 billion - $10 billion) Current Recommendations

Price at
Return (3)
Status (2)
MattelMATMay 201528.4319.12-200.0%Buy (38)
ConduentCNDTFeb 201714.966.75-550.0%Buy (9)
Adient plcADNTOct 201839.7740.20+20.0%Buy (55)
Meredith CorporationMDPJan 202033.0142.25+300.0%Buy (52)
Lamb Weston HoldingsLWMay 202061.3675.50+251.2%Buy (85)
GCP Applied TechnologiesGCPJul 202017.9622.21+240.0%Buy (28)
AlbertsonsACIAug 202014.9520.24+372.0%Buy (23)
Xerox HoldingsXRXDec 202021.9123.43+104.3%Buy (33)
Ironwood PharmaceuticalsIRWDJan 202112.0213.02+80.0%Buy (19)
ViatrisVTRSFeb 202117.4313.92-203.2%Buy (26)
Vistra CorporationVSTJun 202116.6819.10+153.1%Buy (25)
Organon & Co.OGNJul 202130.1929.80-10.0%Buy (46)

Small Cap1 (under $1 billion) Current Recommendations

Price at
Return (3)
Status (2)
Gannett CompanyGCIAug 20179.225.17+160.0%Buy (9)
Oaktree Specialty Lending Corp.OCSLAug 20184.916.77+637.7%Buy (7)
Signet Jewelers LimitedSIGOct 201917.4767.23+2890.0%Buy (80)
Duluth HoldingsDLTHFeb 20208.6816.98+960.0%Buy (20)
Dril-QuipDRQMay 202128.2828.19+00.0%Buy (44)

Most Recent Closed-Out Recommendations

At Buy
At Sell
DuPont de NemoursDDLargeMar 202045.07*Jan 202183.49+87
ViacomCBSVIACLargeJan 201759.57*Mar 202164.37+16
Trinity IndustriesTRNLargeSep 201917.47*Mar 202132.35+92
Valero EnergyVLOLargeNov 202041.97*Apr 202179.03+93
Volkswagen AGVWAGYLargeMay 201715.91*Apr 202142.33+182
Mohawk IndustriesMHKLargeMar 2019138.60*Jun 2021209.49+51
Jeld-Wen HoldingsJELDMidNov 201816.20*Jul 202127.45+69
BiogenBIIBLargeAug 2019241.51*Jul 2021395.8564
BorgWarnerBWAMidAug 201633.18*Jul 202153.1170
The Mosaic CompanyMOSLargeSep 201540.55*Jul 202135.92-4

Notes to ratings:

1. Based on market capitalization on the Recommendation date.
2. Price target in parentheses.
3. Total return includes price changes and dividends, with adjustments as necessary for stock splits and mergers.
SP Given the higher risk, we consider these shares to be speculative.
* Indicates mid-month change in Recommendation rating. For Sells, price and returns are as-of the Sell date.

The next Cabot Turnaround Letter will be published on August 25, 2021.

Cabot Wealth Network
Publishing independent investment advice since 1970.

President & CEO: Ed Coburn
Chief Investment Strategist: Timothy Lutts
Cabot Heritage Corporation, doing business as Cabot Wealth Network
176 North Street, PO Box 2049, Salem, MA 01970 USA
800-326-8826 | |

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