RumbleON price target lowered to $5 from $7 at Wedbush

Wedbush lowered the firm’s price target on RumbleON to $5 from $7 and keeps an Outperform rating on the shares. The firm notes the company reported Q2 results that came in below expectations on the top- and bottom-lines with softer-than-expected end market demand and an inventory mismatch driving the weakness. With the prospects of an industry turnaround unlikely in the coming quarters, and the company not expecting normalized inventories until the end of the year on the new side and ahead of next year’s riding season on the used side, Wedbush is hesitant to point to near term upside.