TrueCar downgraded to Hold from Buy at Needham

Needham downgraded TrueCar (TRUE) to Hold from Buy without a price target The firm says the company has been unable to benefit from rising new vehicle inventories. While dealer count and transactions per dealer are bottoming, TrueCar’s has yet to sees meaningful growth, the analyst tells investors in a research note. Needham also sees intensifying competitive headwinds for the company, with used vehicle lead generation participants now delivering products targeting new vehicle market share. As such, Needham views TrueCar as fairly valued.