Barrington Research raises its price target on KAR Action Services KAR to Outperform on impressions of a bottom forming following Q4 results.
Barrington Research says, "Given that we postulate that the industry is bottoming and that KAR represents a valuation story selling at 7.7x and 7.0x our 2012 and 2013 adjusted EBITDA estimates, respectively, we believe that current price levels afford a favorable entry point as headwinds within the industry abate throughout 2012."
KAR closed at $15.78 a share yesterday.
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