RumbleON price target raised to $13 from $11 at B. Riley

B. Riley raised the firm’s price target on RumbleON to $13 from $11 and keeps a Buy rating on the shares. The company reported Q4 results below expectations as continued macroeconomic headwinds weighed on discretionary consumer demand – especially within the lower-end rate-sensitive demographic, the analyst tells investors in a research note. However, the firm believes a strengthened balance sheet and more profitable operating trends could potentially draw outside acquisition interest from other recent entrants into the powersports space looking for meaningful scale.