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Fly News Breaks for March 18, 2019
CARS
Mar 18, 2019 | 05:12 EDT
Goldman Sachs analyst Daniel Powell started Cars.com with a Neutral rating and $23 price target. Recent trends in dealer net adds suggest continued pressure surrounding conversions, Powell tells investors in a research note. Further, Cars.com has noted that two of its three latest affiliate conversions had been discounting rates, a "headwind" to direct revenue uplift upon conversion, says the analyst. As such, he expects recent initiatives across Cars.com's go-to-market strategy to be slow to take hold.
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