Barrington Research Upgrades DealerTrack Holdings (TRAK) to Outperform; Positive Investor Meetings
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Price: $8.67 --0%
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 7
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 7
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Barrington Research upgraded DealerTrack Holdings (NASDAQ: TRAK) from Market Perform to Outperform with a price target of $23.00.
Barrington analyst says, "We hosted a series of Institutional Investor meetings in Portland, OR on September 11 with Eric Jacobs, CFO and Elizabeth Besen, VP-Investor Relations of DealerTrack. Coming out of our meetings, we believe the company’s outlook in regard to credit and vehicle sales is solid and that the current valuation of the shares is attractive and warrants an upgrade in our investment opinion."
"We had reduced our investment rating on TRAK in the mid-$20 price range based on valuation. Given that the company’s outlook continues to be solid and the stock’s valuation has come in and now looks attractive at 7.6x our 2012 adjusted EBITDA estimate of $94 million, we are restoring our OUTPERFORM rating."
For more ratings news on DealerTrack Holdings click here and for the rating history of DealerTrack Holdings click here.
Shares of DealerTrack Holdings closed at $17.78 yesterday.
Barrington analyst says, "We hosted a series of Institutional Investor meetings in Portland, OR on September 11 with Eric Jacobs, CFO and Elizabeth Besen, VP-Investor Relations of DealerTrack. Coming out of our meetings, we believe the company’s outlook in regard to credit and vehicle sales is solid and that the current valuation of the shares is attractive and warrants an upgrade in our investment opinion."
"We had reduced our investment rating on TRAK in the mid-$20 price range based on valuation. Given that the company’s outlook continues to be solid and the stock’s valuation has come in and now looks attractive at 7.6x our 2012 adjusted EBITDA estimate of $94 million, we are restoring our OUTPERFORM rating."
For more ratings news on DealerTrack Holdings click here and for the rating history of DealerTrack Holdings click here.
Shares of DealerTrack Holdings closed at $17.78 yesterday.
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