Online used-car retailer Shift Technologies gains after JPM starts coverage

Shift Technologies

05/10/2021 14:13

** Shares of online used-car retailer  SFT.O  up 5.14% at
$6.96 premarket, after JP Morgan starts coverage with
"overweight" rating and $12 PT
    ** JPM says co's business model is well-positioned to
capitalize on the ongoing penetration of online automotive
purchases
    ** Brokerage says SFT's omni-channel functionalities like
test drives and hub pick-ups provide flexibility to serve a
large consumer base
    ** JPM sees potential for strong multi-year unit growth as
co expands into new regions along with improving unit economics
as the business scales
    ** Of 11 brokerages, three rate the stock "strong buy",
seven "buy" and  one "hold"; median PT is $13 - Refinitiv data


 (Reporting by Siddarth S)
 ((Siddarth.s@thomsonreuters.com;))