In a report released today, Gary Prestopino from Barrington maintained a Buy rating on Kar Auction Services Inc (KAR), with a price target of $42.50. The company’s shares opened today at $23.66, close to its 52-week low of $23.43.
Prestopino wrote:
“We believe AFC represents a competitive advantage for KAR as it relates to the company’s independent dealer base who, through AFC, are focused on the franchise dealer market.”
According to TipRanks.com, Prestopino is a 2-star analyst with an average return of -0.1% and a 44.1% success rate. Prestopino covers the Services sector, focusing on stocks such as Payment Data Systems Inc, US Auto Parts Network, and Liquidity Services.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Kar Auction Services Inc with a $62.50 average price target.
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Based on Kar Auction Services Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $77.8 million. In comparison, last year the company had a net profit of $90 million.
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KAR Auction Services, Inc. engages in the provision of used car auction services and salvage auction services in North America and the United Kingdom. It operates through the following three segments: ADESA Auctions, Insurance Auto Auctions (IAA), and Automotive Finance Corporation (AFC).
