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Fly News Breaks for November 4, 2019
CACC
Nov 4, 2019 | 13:13 EDT
Janney Montgomery Scott analyst John Rowan lowered his fair value estimate for Credit Acceptance to $391 from $455 and keeps a Neutral rating on the shares. The company reported "very weak" Q3 results as volume per active dealer-partner fell 9.1% year-over-year, Rowan tells investors in a research note partially titled "It's a Clunker for CACC." Further, Credit Acceptance continues to produce dollar volume gains for its loan portfolio by providing longer-duration, which presents an increasing risk, adds the analyst. The analyst also notes that management disclosed that an upcoming accounting change will cut 30%-60% out of net income for 2020.
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