Cars.com Reports Second Quarter 2024 Results
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JPMorgan Downgrades Cars.com (CARS) to Neutral
August 9, 2024 5:42 AM EDTJPMorgan analyst Rajat Gupta downgraded Cars.com (NYSE: CARS) from Overweight to Neutral with a price target of $19.00 (from $25.00).
The analyst comments "We are moving to Neutral from Overweight on CARS shares after the companys 2Q24 results and 2H24 guide came in softer than JPMe and consensus estimates, with commentary around MARPD (monthly average revenue per dealer) and ancillary product adoption (particularly Accu-Trade) suggesting low visibility on growth re-acceleration, at a time... More
Cars.com (CARS) PT Lowered to $23 at BTIG
August 8, 2024 4:08 PM EDTBTIG analyst Marvin Fong lowered the price target on Cars.com (NYSE: CARS) to $23.00 (from $25.00) while maintaining a Buy rating.
The analyst comments "2Q24 revenue of $179MM missed guidance for $181-$183MM, but after adjusting for an unexpected ~1% negative impact related to legacy website solutions contracts, revenue would have been roughly at the low end of the guidance range. Dealer count rose by 9 dealers q/q, but would likely would have been higher if not for the CDK (Private) outage. We don't believe CDK caused an elevation in churn, but it did hurt new... More
