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CARS

Cars.com

$23.94

-0.37 (-1.52%)

16:52
12/10/18
12/10
16:52
12/10/18
16:52

Starboard Value says Cars.com continues to experience customer and sales losses

In a letter, Starboard value claims: "While we appreciate the constructive dialogue that we have had with you over the past year, our shared passion for improvement at Cars.com has unfortunately not yet resulted in better financial performance. As exhibited in the chart below, Cars.com has experienced an almost two-year continuing trend of customer losses and organic declines in revenue, despite increasing operating expenses, resulting in a pattern of missed expectations and lowered guidance. We still strongly believe that Cars.com has an incredibly valuable business model with a substantial opportunity for operational improvement. Cars.com is an industry-leading platform that operates in a growing market with the benefit of multiple company-specific and industry-specific tailwinds. Cars.com also enjoys the benefit of over 20 years of investments in its brand name and products. Despite these facts, the Company has struggled to realize the benefits of these tailwinds. Cars.com currently trades at a deep discount to all of its publicly-traded competitors and most digital media companies. We believe there is a long list of opportunities to improve performance and create value for shareholders including a variety of different initiatives to fuel revenue growth, reduce operating expenses, and improve capital allocation. We have outlined all of these opportunities in detail in numerous meetings, calls, and private letters sent to the Board of Directors ("Board") over the past year. Unfortunately, we have yet to see improvement in the Company's financial performance. Full link to the letter available here: Reference Link

CARS Cars.com
$23.94

-0.37 (-1.52%)

12/07/18
SBSH
12/07/18
INITIATION
Target $70
SBSH
Buy
Citi calls Etsy and Carvana favorites in Specialty Internet
Citi analyst Nicholas Jones initiated coverage of both Etsy (ETSY) and Carvana (CVNA) with Buy ratings and price targets of $70 and $55, respectively. Carvana and Etsy are the analyst's favorites of the Specialty Internet companies.
12/07/18
SBSH
12/07/18
INITIATION
Target $27
SBSH
Neutral
Cars.com initiated with a Neutral at Citi
Citi analyst Nicholas Jones started Cars.com with a Neutral rating and $27 price target.
11/13/18
BTIG
11/13/18
INITIATION
BTIG
Neutral
Cars.com initiated with a Neutral at BTIG
BTIG analyst Marvin Fong initiated Cars.com with a Neutral rating as part of his broader research note titled "Online Automotive Marketplaces: An Industry in Transformation". The analyst notes that the company "has struggled with dealer attrition" and its organic growth has turned negative, but also cites the recent New York Post article which suggests that the company is for sale following an activist involvement. Fong further states that a deal in "low $30s per share" would be feasible, and that the 11-times forward EBITDA valuation multiple on Cars.com is its "main appeal".
08/13/18
DADA
08/13/18
NO CHANGE
Target $12.75
DADA
Neutral
TrueCar price target raised to $12.75 from $10 at DA Davidson
DA Davidson analyst Tom White raised his price target on TrueCar to $12.75 after its Q2 results, saying the quarter showed some "promising tailwinds" with an 8% increase in net franchise revenue and an 8% rise in average monthly unique visitor count. The analyst also keeps his Neutral rating on TrueCar, pointing to a 1.5% decline in company-branded channel units because of "rising competitive ad intensity" from CarGurus (CARG) and Cars.com (CARS). White still believes that TrueCar's 20% growth objective looks "achievable" based on its OEM incentive revenue trends.

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