DA Davidson analyst Tom White downgraded Cars.com to Neutral and lowered his price target to $13.50 from $28 after its concluded strategic review process and its "significantly weaker financial forecast". The analyst notes that the soft national ads business is not surprising, but the delays about OEM certifications and approvals raise concerns about the company's broader recovery and of "dealers' appetites" for expanding portfolio of solutions. White further states that direct dealer additions for core listings product have been soft in July and early August, suggesting that Q3 could mark another meaning that 3Q could be another quarter of decline in dealer count.