CAR - UBS rates the stock as Upgrade to Neutral
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The first half results were largely in line, although the outlook for SK Encar probably disappointed lofty buy side expectations, UBS suspects.
UBS noted finance revenues was stronger and growth in Webmotors also accelerated. The broker downgraded the stock in December as the share price appeared to be factoring overly optimistic growth assumptions.
UBS views the issues with SK Encar as transient, although tapping Korea may take longer than anticipated. The broker returns a rating to Neutral from Sell and retains a $14 target.
Sector: Software & Services.
Target price is $14.00.Current Price is $14.12. Difference: ($0.12) - (brackets indicate current price is over target). If CAR meets the UBS target it will return approximately -1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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