Is Firing On All Cylinders, Says This Analyst

  • Barrington Research analyst Gary Prestopino reiterated an Outperform rating on the shares of Inc CARS with a price target of $25.
  •’s Q4FY22 results included a 6% increase in revenue to $168.2 million with Adjusted EBITDA of $49.5 million.
  • The analyst’s estimates for the quarter called for revenue of $165 million and adjusted EBITDA of $47.8 million.
  • OEM and National revenue for the quarter was $14 million declining by 7% YOY reflecting continued lower OEM advertising budgets impacted by delays in new model launches, production challenges and inventory shortages, added the analyst.
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  • Q4/22 saw Dealer customers increase by 327, or 2% YOY to 19,506 and were down by 79 dealers on a sequential basis due to cancellations related to a single digital dealer, remarked the analyst.
  • Dealer retention rates were strong throughout the year, validating’s digital value proposition, while Q4/22 was the highest quarter of marketplace customer additions in 2022, said the analyst.
  • The analyst added that’s financial results and long-term outlook are improving, and industry headwinds in terms of new and used vehicle supply are slowly beginning to abate.
  • Price Action: CARS shares are trading lower by 0.61% at $19.55 on the last check Monday.
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