JPMorgan upgraded Cars.com (CARS) to Overweight from Neutral with an unchanged price target of $14. The firm prefers business-to-consumer auto retail names over business-to-business heading into the Q2 reports. It cites valuation and reduced cyclical risk for the upgrade of Cars.com. With new vehicle supply continuing to grow and the backdrop likely to get more competitive for dealers in a modestly weaker demand backdrop, there is less risk to revisions for the company, contends JPMorgan.
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