America's Car-Mart (CRMT) PT Lowered to $45 at Jefferies

Jefferies analyst John Hecht lowered the price target on America's Car-Mart (NASDAQ: CRMT) to $45.00 (from $68.00) while maintaining a Hold rating.

The analyst comments "CRMT recently raised equity with $73M of proceeds (1.7M shares, $43/share). The capital raise improves liquidity, reduces leverage and bolsters the balance sheet. While F1Q EPS trailed the Street's est. due to a modest rev. miss tied to lower units, DQs of 3.5% were down 90bps YoY, while NCO of 6.4% decelerated to +60bps YoY. Credit trends should con't to improve on CRMT's new LOS, and we observe that conditions appear to be stabilizing w/ strategic execution."

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