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Fly News Breaks for November 6, 2019
CARS
Nov 6, 2019 | 11:51 EDT
Barrington analyst Gary Prestopino upgraded Cars.com to Outperform from Market Perform with a $20 price target after the company's Q3 results were better than his and consensus expectations and guidance was maintained for 2019. Key Performance Indicators, including average monthly unique visitors, traffic visits, and mobile traffic, showed significant year-over-year improvement and pointed to continued market share gains, noted Prestopino. Additionally, Cars.com completed its final affiliate conversions during Q3, which give it 100% control over each converted territory and should help stabilize and eventually increase the dealer count, the analyst added.
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