BTIG lowered the firm’s price target on SunCar Technology (SDA) to $6 from $12 and keeps a Buy rating on the shares. The company’s first-half results missed the firm’s estimates of $138.5M and $11.5M, respectively, with nearly half the revenue miss came from Autmotive Services where SDA made the strategic decision to discontinue certain low-margin business, the analyst tells investors in a research note. SunCar is generating healthy, double-digit growth, but the business is proving lumpier than we anticipated, the firm added.
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