Goldman Sachs Lowers KAR Auction Services PT

Goldman Sachs lowered its KAR Auction Services

price target from $15.50 to $18 in a research report published today. Goldman Sachs has previously given KAR Auction Services a Neutral rating. In the report, Goldman Sachs states, "We reduce our earnings outlook and price target after the negative trend in ADESA (whole car) volumes intensified in 2Q (-14% yoy vs. -6% in 1Q), more than offsetting strong performances from salvage (IAAI) and finance (

). We see this dynamic as unlikely to change in 2H, as whole car volumes remain under pressure, while a normalizing used car price environment suggests cooling of recent very strong IAAI/AFC performance." Shares of KAR Auction Services were trading at $13.92, down 0.36% from Wednesday's market close.