BofA analyst John Murphy lowered the firm’s price target on America’s Car-Mart to $45 from $50 and keeps a Buy rating on the shares. Ahead of Q3 earnings reporting, the firm revised its North American auto production estimates lower given Q3 actuals and OEM commentary that suggests production discipline. The firm notes its revisions are greatest for suppliers, which are not benefiting from strong pricing to the same extent as OEMs and dealers, and points out that its price target changes reflect both estimate changes and adjustments to multiples to reflect the weaker macro environment for suppliers.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CRMT:
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue