TrueCar revs up as J.P. Morgan upgrades to 'overweight'

TrueCar

31/10/2022 13:26

** TrueCar Inc's shares  TRUE.O  jump 8.5% premarket to $1.6
    ** J.P. Morgan raises its rating on the online car seller to
"overweight" from "underweight"
    ** Brokerage expects a rise in dealer ad spending to
stimulate sales and profitability 
    ** JPM expects supply of new vehicles to increase into FY23,
thereby normalizing the used-new vehicle ratio to pre-pandemic
levels
    ** Brokerage sees potential revenue and profitability
recovery in the near-term even as it maintains an unfavorable
view on fundamentals in the long-term 
    ** Two of eight brokerages rate the stock "buy" or higher,
six "hold"; their median PT is $3
    ** Up to Friday's close, stock down 55.2% compared with a
29% decline in the Nasdaq Composite index  .IXIC 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))