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In the "annual investor letter for 2019" published Monday, Citron Capital LLC managing partner Andrew Left named his top picks for long and short ideas for the year 2020.
RH Headed For Acquisition
The activist short-seller picked home furnishings company RH (NYSE:RH) as the best long bet, claiming that it is headed for acquisition in 2020.
The California-based company was also one of the biggest winners for Citron, along with Bausch Health Companies Inc. (NYSE:BHC) and Snap Inc. (NYSE:SNAP), the letter said.
According to Left, potential buyers for RH could include French luxury goods giant LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMUY), e-commerce giant Amazon.com Inc. (NASDAQ:AMZN), and Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B).
If Tiffany & Co. (NYSE:TIF) could fetch a "luxury premium" for its acquisition by LVMH, then RH acquisition will be a much more lucrative deal, according to Left.
"If tomorrow we applied the Tiffany & Co takeout multiple to RH, the stock would trade at $350," he said.
RH's shares closed 1.61% higher at $212.77 on Monday.
Peloton Stock Dropping To $5
Left reiterated his earlier assertion that Peloton Interactive Inc. (NASDAQ:PTON) is a grossly overvalued company compared to its peers like Fitbit Inc. (NYSE:FIT) and Planet Fitness Inc. (NYSE:PLNT).
The company whose shares last closed at $29.75 on Monday will be worth $5 by the end of the year, Left claimed.
"[Peloton CEO John Foley] should have nothing to be ashamed of as at $5 he will still have the most valuable exercise equipment company in the world," the critic wrote.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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