Credit Acceptance Corp. (CACC) PT Lowered to $380 at TD Cowen

TD Cowen analyst Moshe Orenbuch lowered the price target on Credit Acceptance Corp. (NASDAQ: CACC) to $380.00 (from $400.00) while maintaining a Sell rating.

The analyst commented, "CACC reported Q3 diluted GAAP EPS of $6.35 vs our est $7.43 and FS cons of $7.77. The miss was driven by higher provision (-$0.50 impact), higher opex (-$0.47 impact) and lower revenue (-$0.14 impact). Adjusted EPS were $8.79, also lower than our est of $9.21."

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