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Fly News Breaks for March 23, 2018
KAR
Mar 23, 2018 | 08:09 EDT
As reported earlier, SunTrust analyst Stephanie Benjamin initiated KAR Auction with a Buy rating and a price target of $65. Benjamin notes the company's position as the leading vehicle auction firm and expects to see its volume growth accelerate thanks to the "attractive auto auction industry tailwinds and greater operating leverage". The analyst adds that her Sum-Of-The-Parts model following the separation of IAA and ADESA businesses allows her to anticipate a multiple expansion for KAR Auction.
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