BofA upgraded Openlane to Neutral from Underperform with a price target of $20, up from $16. The firm has trimmed its new vehicle same-store sales estimates for the auto dealers “slightly” given softer volumes in Q1 relative to BofA’s estimates, the analyst tells investors in a automotive industry Q1 preview note. However, the firm expects dealer performance to remain resilient, the analyst added. The volume of wholesale used vehicles, mostly at dealers, may soon begin recovering, the firm noted in citing its reason for the upgrade.
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