JP Morgan initiated coverage on DealerTrack Holdings TRAK with a Buy rating and a $35 price target
JP Morgan commented, "The rebound in car sales since 2009 has allowed dealers to become healthier and more profitable than they have been in years. This new-found health is allowing them to revamp systems and adopt new technologies to help improve the car buying/selling experience. We believe DealerTrack is the best- positioned company to capitalize on this trend. While the low-hanging fruit of the car sales rebound may already be priced into the stock, we think the continued execution to up-sell solutions can take the stock to $35, making it an outperformer relative to our coverage."
DealerTrack Holdings closed at $28.01 on Monday.
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