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CDK

CDK Global

$48.48

0.83 (1.74%)

16:17
06/27/19
06/27
16:17
06/27/19
16:17

CDK Global plans to divest Digital Marketing Business

CDK Global announced a plan to divest its Digital Marketing Business, comprising all of the assets of its Advertising North America business segment and certain assets of its Retail Solutions North America segment related to mobile advertising solutions and website services. This decision was reached after an evaluation of the CDK portfolio, and CDK said it "aligns with the company's strategy to focus on the core suite of SaaS software and technology solutions for the markets it serves through the Retail Solutions North America and CDK International segments." Beginning with Q4, the Digital Marketing Business will be presented as discontinued operations. The company has engaged Allen & Company to identify potential buyers and evaluate proposals for the Digital Marketing Business.

CDK CDK Global
$48.48

0.83 (1.74%)

11/08/18
11/08/18
DOWNGRADE
Target $55

Market Perform
CDK Global downgraded to Market Perform on variety of headwinds at Wells Fargo
As previously reported, Wells Fargo analyst Timothy Willi downgraded CDK Global to Market Perform from Outperform and lowered his price target on the shares to $55 from $80. The analyst believes that CDK faces a variety of headwinds during FY19 that will likely limit upside in the shares despite the discounted valuation. The analyst believes the company must address its 1-2 dealer segment and diversify/restructure its advertising business, while operating in an environment where the auto sales cycle is maturing and sales, advertising budgets and IT spend most likely have peaked. At the same time CDK has appointed a new CEO who presents a scenario where the market may expect a shift in strategy and additional movement on the management team, creating uncertainty, he adds. From a fundamental standpoint, the analyst notes that organic revenue growth is expected to remain roughly flat in FY'19, while margin expansion initiatives have largely run their course.
11/08/18
11/08/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Square (SQ) downgraded to Neutral from Positive at Susquehanna analyst James Friedman citing valuation and the lack of a CFO at the company. 2. Landstar System (LSTR) downgraded to Neutral from Buy at Goldman Sachs and to Sector Weight from Overweight at KeyBanc. 3. Dean Foods (DF) downgraded to Hold from Buy at Jefferies with analyst Akshay Jagdale saying he believes the company's cost savings opportunity is significant enough to more than offset secular headwinds. 4. Ctrip (CTRP) downgraded to Neutral from Outperform at Credit Suisse, to Neutral from Buy at Citi, to Underperform from Outperform at CLSA, and to Hold from Buy at China Renaissance. 5. CDK Global (CDK) downgraded to Market Perform from Outperform at Wells Fargo with analyst Timothy Willi saying he believes that CDK faces a variety of headwinds during FY19 that will likely limit upside in the shares despite the discounted valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/13/18
BRRR
11/13/18
NO CHANGE
Target $80
BRRR
Outperform
CDK Global post-earnings pullback unwarranted, says Barrington
Barrington analyst Gary Prestopino said CDK Global's Q1 results were better than his expectations and he believes the decline of over 12% in the shares since the report is unwarranted and has created a significant buying opportunity. He also notes the company's guidance reduction was due to its inclusion of ELEAD1ONE, the deal for which recently closed and will be dilutive to FY19 results. Prestopino maintains an Outperform rating on CDK shares with an $80 price target.
01/30/19
MSCO
01/30/19
NO CHANGE
Target $57
MSCO
Equal Weight
Morgan Stanley skeptical of CDK reports on Cars.com bid, GM loss
Morgan Stanley analyst Brian Essex says he remains skeptical of reports that CDK Global (CDK) may make a takeover bid for Cars.com (CARS). Several previous reports had CDK involved in a transaction that never materialized, Essex tells investors in an intraday research note. The analyst says that while a deal with Cars.com could make strategic sense, he would need to see compelling valuation, evidence of fundamental improvement, and synergy dynamics "in order for it to make sense." He's also skeptical of news regarding the loss of General Motors (GM), CDK Global's largest customer. CDK has highlighted on its past few earnings calls revenue declines associated with a pullback in advertising spending at GM, "but we understand they remain a substantial customer of CDK," Essex writes. He keeps an Equal Weight rating on CDK Global with a $57 price target. The stock in afternoon trading is down 5%, or $2.78, to $48.46. Cars.com, on the other hand, is up 5%, or $1.22, to $27.24.

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