RBC Capital Raises Price Target on TrueCar (TRUE) to $10 Following 2Q Beat and Guidance
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RBC Capital reiterated a Sector Perform rating on TrueCar (NASDAQ: TRUE), and raised the price target to $10.00 (from $6.00), following the company's 2Q earnings report. Revenue was $66.4MM and above Street estimates of 65.5MM and slightly above guidance of $64-66MM. Q3 Revenue/EBITDA guidance is $70-72MM / $1-$1.5MM vs. Street ests of $75.4MM/$600K.
Analyst Mark Mahaney commented, "Q2 results were better than expected, but Q3 topline guidance was below the Street. In terms of the FY16, management lowered Rev guidance but raised EBITDA. Material changes are necessary and appear underway, with Autonation returning to the platform. We raise our ’17 EBITDA estimates and PT to $10 but maintain Sector Perform."
Shares of TrueCar closed at $9.93 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings, Mark Mahaney
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