Loop Capital Raises Price Target On TrueCar As Turnaround Gains Speed

Loop Capital Markets analyst Blake Harper maintains a Buy rating on TrueCar, Inc. (NASDAQ: TRUE) while raising his price target on the stock from $12 to $15.

The analyst sees the company's re-imaging initiatives among dealers improving market share gains.

Since implementing the pledge in Q1, the company has beat on both units and revenue guidance. The analyst stated that they spoke with 15 dealers in the used car space, with all reporting either positive or neutral comments regarding TrueCar.

“One year ago it was much harder to find dealers who had a positive view of TrueCar and it was easy to hear negative references to TrueCar,” said Harper.

Moreover, the outreach has resulted in improved closing rates, according to Blake.

Currently, the closing rates range from 6 to 20 percent offers significant room for improvement, which is easily attainable if TrueCar continues with their outreach initiatives.

At last check, TrueCar shares were up 0.72 percent at $12.53.

Image Credit: By Valder137 [CC BY 2.0], via Wikimedia Commons