- Seneca reported sales falling 7.3% Y/Y for Q3, mostly due to a timing issue. Sales fell 2.9% Y/Y for the past six-month period. Net loss reached 5 cents per share.
- The stock fell ~10% since my long thesis a year ago as sales continue to disappoint. I am having second thoughts about SENEA. Without catalysts, the stock could remain depressed.
- For now, I confirm my long thesis and keep my target price at $36, providing ~35% total upside within several years if the catalysts emerge.