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CACC

Credit Acceptance

$326.25

3.97 (1.23%)

11:34
12/13/17
12/13
11:34
12/13/17
11:34

PlainSite says Credit Acceptance disclosures belie 'deeply flawed' model

In a "Reality Check" report, PlainSite notes that Credit Acceptance, a lender and servicer of deep subprime auto loans, and its business model have been embraced by Wall Street as a unique way to profit from the high finance charges and fees imposed on subprime borrowers while offloading much of the loan performance risk to dealers. However, the report argues that its loan performance disclosures "belie a deeply flawed business model," with civil lawsuits pilling up. In essence, Credit Acceptance is a new kind of hybrid, namely a debt collector that originates its own loans, and the risks of that model have "yet to be reckoned with," PlainSite contends. Reference Link

CACC Credit Acceptance
$326.25

3.97 (1.23%)

05/02/17
JANY
05/02/17
UPGRADE
JANY
Neutral
Credit Acceptance upgraded to Neutral from Sell at Janney Capital
08/01/17
RAJA
08/01/17
UPGRADE
RAJA
Market Perform
Credit Acceptance upgraded to Market Perform from Underperform at Raymond James
Raymond James analyst Robert Dodd upgraded Credit Acceptance to Market Perform following the Q2 report saying there are some indications of stability and reduced competition has improved market share trends. Further, the analyst said the subprime market weakness is unlikely to be a drag on Credit Acceptance earnings until incremental weakness impacts the company's earnings and volumes.
08/01/17
FBCO
08/01/17
NO CHANGE
Target $200
FBCO
Underperform
Credit Acceptance price target raised to $200 from $190 at Credit Suisse
Credit Suisse analyst Moshe Orenbuch raised his price target for Credit Acceptance to $200 from $190 following Q2 results. The analyst reiterates an Underperform rating.
10/31/17
BMOC
10/31/17
NO CHANGE
Target $252
BMOC
Market Perform
Credit Acceptance price target raised to $252 from $238 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on Credit Acceptance to $252 following Q3 topline-driven beat as a result of higher loan yields. Fotheringham maintains his Market Perform rating however, remaining concerned over negative unit volume growth and a shift toward purchased loans rather than dealer longs, which he believes to increase credit risk for shareholders. The analyst notes that his model does not yet account for policy changes proposed by President Trump, which could add up to 43% to his two-year-forward core EPS forecast.

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ADSK

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OCUL

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IBM

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$DJT

DJ Transportation Average

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$DJU

DJ Utility Average

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Dow Jones Industrial Average

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