UPDATE: Raymond James Starts Vroom (VRM) at Outperform
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Raymond James analyst Nicholas Bacchus initiates coverage on Vroom (NASDAQ: VRM) with a Outperform rating and a price target of $47.00.
The analyst comments "Our positive fundamental view is based on 1) the large runway for growth in penetration of e-commerce in the used auto space; 2) the large size of the used car market and its vulnerability to disruption; 3) Vroom’s strong positioning and value add to the consumer; 4) Vroom’s asset light model which allows for accelerated scalability; 5) strong opportunity for GPPU improvement; and 6) recent operational challenges provide a favorable risk/reward profile."
Shares of Vroom closed at $39.86 yesterday.
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