Autoweb Inc. (AUTO) PT Raised to $4.50 at Ascendiant Capital

Ascendiant Capital analyst Edward Woo raised the price target on Autoweb Inc. (NASDAQ: AUTO) to $4.50 (from $3.00) while maintaining a Buy rating.

Analyst says: "we are maintaining our BUY rating, but raising our 12- month price target to $4.50 from $3.00, which reflects a forward P/E of ~10x our 2021 EPS estimate of $0.45. This multiple is our estimate of AutoWeb’s long term earnings growth rate and we believe more than appropriately balances its outlook with execution risks."

As a reminder, AUTO reported fourth quarter and full year 2018 results yesterday after market close. Highlights of the earnings release:

• Total revenues were $32.3 million compared to $31.7 million in Q3’18 and $33.3 million in Q4’17.

• Advertising revenues were $6.5 million compared to $6.6 million in Q3’18 and $9.2 million in Q4’17.

• Net loss was $5.3 million or $(0.41) per share, compared to a net loss of $18.0 million or $(1.41) per share in Q3’18 and a net loss of $65.8 million or $(5.22) per share in Q4’17.

• Non-GAAP loss was $3.1 million or $(0.24) per share, compared to a non-GAAP loss of $2.4 million or $(0.19) per share in Q3’18 and non-GAAP income of $0.1 million or $0.01 per share in Q4’17.

Shares of AUTO trade up +17%, while SPY trades down -0.89% in afternoon trading.

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