Stephens raised the firm’s price target on Openlane (KAR) to $35 from $32 and keeps an Overweight rating on the shares after the company announced that it is purchasing 53% of its Series A Convertible Preferred Stock held by Apex Partners and Periphas Capital for $559M, or an implied repurchase/conversion price of $29.70. Effectively, Openlane is buying 13.4% of itself for $28.77 per share, says the analyst, who calculates that this implies the transaction is 12 cents accretive in 2026.
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Read More on KAR:
- OPENLANE Announces Major Stock Repurchase Agreement
- Openlane to repurchase 53% of Series A Convertible Preferred Stock
- Openlane price target raised to $30-$35 range from $30 at Barrington
- Hold Rating for OPENLANE Amid Strong Q2 Performance and Cautious Outlook
- Openlane price target raised to $25 from $22 at JPMorgan