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Fly News Breaks for July 2, 2019
IAA, KAR
Jul 2, 2019 | 07:43 EDT
As previously reported, Guggenheim analyst Ali Faghri downgraded KAR Auction (KAR) to Sell from Neutral following the company's completion of its spinoff of IAA (IAA), citing his view of the cyclical headwinds for industry wholecar volume growth, increasing online competition, slower AFC growth due to declining industry physical auction volumes and higher loan loss provisions and downside risk to guidance. He set a $20 price target on KAR shares. Separately, Faghri initiated coverage of IAA with a Buy rating and $48 price target this morning.
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