UPDATE: Barrington Research Upgrades KAR Auction Services to Outperform

Barrington Research raises its price target on KAR Action Services

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.