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Fly News Breaks for January 31, 2019
CACC
Jan 31, 2019 | 07:41 EDT
As previously reported, Oppenheimer analyst Dominick Gabriele downgraded Credit Acceptance to Perform from Outperform as dealer penetration continues to pressure year over year loan growth. The analyst still believes in the long-term business model and believes the company is one the best subprime lenders in the business. That said, he thinks the P/E multiple tracks the year over year change in dealer penetration and year over year loan growth. Without a ramp in the workforce, Gabriele finds it hard for these metrics to re-accelerate near-term.
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