Deutsche Bank Downgrades DealerTrack (TRAK) to Hold
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Deutsche Bank downgrades DealerTrack (Nasdaq: TRAK) from Buy to Hold.
Deutsche analyst says, "For now, the shares represent fair value, in our view We downgrade TRAK to
Hold, as we think the recent rebound (+30% since 8/12 [vs. -6% in the S&P 500 and through our $18 PT) represents fair value. We also trim our Street-high '09 ests as ongoing auto demand challenges likely outweigh potential for proposed bailout to improve credit access in near-term. Our call is on (i) valuation, (ii) more cautious '09, (iii) lack of NT catalysts. Still, TRAK remains a growth leader in a niche mkt w/strong balance sheet that may be worth revisiting in early '09 if credit access improves/RouteOne trial begins on time."
DealerTrack Holdings, Inc. (DealerTrack) is a provider of on-demand software and data solutions for the automotive and related specialty retail industries in the United States.
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