RBC Capital Raises Price Target on TrueCar (TRUE) to $12 Following 3Q Beat
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RBC Capital reiterated a Sector Perform rating on TrueCar (NASDAQ: TRUE), and raised the price target to $12.00 (from $10.00), following the company's 3Q earnings report. Revenue of $75.1MM was above the Street estimates of $71MM and above guidance of $70-72MM. Adjusted EBITDA of $5.8MM was also above the Street estimates of $1MM and above guidance of $1.0-$1.5MM. TRUE maintained its Q4 Revenue guide, but boosted its Q4 EBITDA guide.
Analyst Mark Mahaney commented, "Q3 results were better than expected, and TRUE raised its Q4 EBITDA Guide. Unique Visitors and Units both accelerated during the quarter, and TRUE’s Dealer Network expanded strongly with AutoNation returning to the platform. Raising estimates and PT to $12. Maintain Sector Perform, but incrementally more constructive."
Shares of TrueCar closed at $9.26 yesterday.
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