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Fly News Breaks for November 6, 2019
CARG
Nov 6, 2019 | 09:25 EDT
RBC Capital analyst Mark Mahaney lowered his price target on CarGurus to $50 after its Q3 results, adjusting his model to assume a 6-times price to expected 2021 sales multiple blended with 35-times enterprise value to expected EBITDA multiple. The analyst is also keeping his Outperform rating on the stock after its Q3 earnings beat and above-consensus FY19 guidance, noting that while revenue growth continued to decelerate, he believes that expectations of some stabilization in 2020 are "plausible".
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