TRUE - TrueCar stock drives higher as Needham shifts to Buy

2023-03-14 07:44:13 ET

TrueCar ( NASDAQ: TRUE ) shares marked a double-digit gain in premarket trading on Tuesday as Needham Securities shifted to a bullish outlook.

Equity analyst Chris Pierce moved from Hold to Buy on the stock, noting that normalization in the auto sales industry should help drive upside.

“TRUE's combination of leverage to new vehicle sales as the industry slowly returns to normal and changes to TRUE's business model help US get comfortable playing offense, while TRUE's cash balance and further potential interest from strategic industry partners adds comfort on the defensive side,” Piece wrote.

He set a $3.50 price target on the stock alongside the upgrade to Buy. Shares of TrueCar ( TRUE ) ticked 9% higher prior to the bell on Tuesday.

Read more on the company’s latest earnings results .

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