RBC Capital Markets reiterates their Outperform rating on TrueCar, Inc. (TRUE), and maintains their price target at $23, following largely in-line Q1 results. TRUE reported a revenue of $58.6MM, which is up 33% Y/Y, and came in essentially in line with RBC estimates.Gross Margin came in a bit light vs. expectations, but so too did Sales & Marketing expense. TRUE reaffirmed their FY15 guidance.

RBC analyst, Mark Mahaney, commented on the quarter, saying, "Largely In-line Q1 Results – Revenue of $58.6MM (up 33% Y/Y) came in essentially in line with RBC/ Street, while EBITDA of $4.3MM (7% margin) was above RBC and Street ests of approx. $3.8MM. Gross Margin came in a bit light vs. our expectation, but so too did Sales & Marketing expense. TRUE’s Q2 guidance bracketed the Street, while the company reaffirmed its FY15 guidance. Fundamental Trends Were As Expected – 33% Y/Y Revenue growth was a deceleration from Q4’s 38% growth, and on a 13 pt easier comp. EBITDA Margin expanded 500 bps Y/Y, but declined 40 bps Q/Q."

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Shares of TrueCar closed at $15.03 yesterday.