We attended STK’s online analyst meeting that covered its Q3 2020 business results and outlook for Q4 2020 and Q1 2021. Overall, management comments suggest potential upside to our current forecasts, pending a fuller review. STK expects that Q4 2020 earnings will reach around 90% of Q1 2020’s upbeat level thanks to a recovery in global apparel demand and recycled yarn’s resilient performance.