CAR – Macquarie rates the stock as Outperform

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First-half net profit was weaker than expected. Finance and display segments weighed on the overall result although Macquarie notes, elsewhere, operating trends were good.

The broker believes the issue is now about turning the problem segments around while sustaining momentum in the core and international business.

Outperform rating maintained. Target is reduced to $13.20 from $13.90.

Sector: Software & Services.

Target price is $13.20.Current Price is $11.52. Difference: $1.68 – (brackets indicate current price is over target). If CAR meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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