Gabelli Starts Kar Auction (KAR) at Buy; Prime LBO Candidate

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Gabelli initiates coverage on Kar Auction (NYSE: KAR) with a Buy. PT $33.00.

"We believe the combination of excellent cash flow characteristics, private equity ownership, and a stable and recovering top line make KAR a prime LBO candidate. We believe an LBO is much more likely than any strategic deal due to probable anti-trust concerns resulting from the duopolistic nature of the markets in which KAR competes."

For an analyst ratings summary and ratings history on Kar Auction click here. For more ratings news on Kar Auction click here.

Shares of Kar Auction closed at $20.60 yesterday, with a 52 week range of $13.47-$20.90.

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