- Barrington Research analyst Gary Prestopino reiterated an Outperform rating on the shares of Cars.com Inc (NYSE:CARS) with a target price of $25.00.
- The analyst believes that the company is poised for consistent growth for the remainder of 2022 and all of 2023, having completed its transformation from a listing service to a technology-driven automotive marketplace solutions provider through its digital solutions product suite.
- Cars.com’s growth strategy is being driven by connecting buyers and sellers of vehicles through a range of digital solutions across a common technology platform that simplifies vehicle purchase activity, added Prestopino.
- Also Read: Hertz Global To Buy 175,000 EVs From General Motors
- Driven by new dealers, increased dealer retention, and digital solutions, dealer-generated subscription-based revenues have increased for eight consecutive quarters from $124 million in Q3 FY20 to $143 million in Q2 FY22.
- The company’s end-to-end digital solutions are driving growth in revenue despite a challenging environment for new and used vehicle sales stemming from supply constraints.
- Prestopino also noted that Cars.com has a significant dealer and advertising TAM for growth.
- The analyst specified that the company’s financial results and long-term outlook continue to improve, but it is not reflected in the stock’s valuation.
- Price Action: CARS shares are trading higher by 1.03% at $11.77 on the last check Wednesday.
How Much Did Soulja Boy Get Paid To Promote This Crypto Project?! Rapper Accidentally Reveals Payout
American rapper Soulja Boy mistakenly included the details of how much he stood to gain if he successfully promoted a cryptocurrency project.
What Happened: The rapper recently tweeted in support of a new cryptocurrency project SaferMars, unintentionally including details of how much the project would pay him for the promotion.
