UPDATE: JP Morgan Initiates DealerTrack Holdings at Buy on Revamped Auto Retail Experience

JP Morgan initiated coverage on DealerTrack Holdings

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.