CRMT - America's Car-Mart rises after Stephens upgrades
2023-07-17 12:23:03 ET
America's Car-Mart ( NASDAQ: CRMT ) rose ~13% on Monday noon after Stephens upgraded the automotive retailer, considering that the recent disruptions in the auto sector presents growth opportunities for the company's stores.
The analysts at the financial-services firm upgraded the company to Overweight from Equal-Weight, and raised the price target to $135 from $70.
"With the market still concerned about the implications of lower used car prices, we pick CRMT as a winner whether industry turmoil continues or begins to recover," a recent research report said.
With several auto lenders exiting from the sector, CRMT is expected to benefit both organically, considering less competition, and in terms of acquisitions, the report said.
This contradicts with the average sell-side ratings , which comes to Hold with an average price target of $76.
Seeking Alpha's Quant Rating system gives the stock a Hold rating.
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America's Car-Mart rises after Stephens upgrades