Carsales AGM reports solid Q1; downgraded to Hold

Carsales.com has reported a 'solid' trading performance for its Australian business for the September quarter and said that it expects this to 'continue throughout the first half assuming market conditions remain unchanged'. The performances of recent additions Stratton Finance and Tyresales 'continue to be encouraging' and the company said it is making 'solid progress on the development of opportunities in Brazil and South Korea'.The reassurances have sent the shares up more than 3% today and they're now up about 8% since Carsales upgraded to Buy on 7 Oct 14 (Buy – $9.63). With the price now well above our $10...

Carsales.com has reported a 'solid' trading performance for its Australian business for the September quarter and said that it expects this to 'continue throughout the first half assuming market conditions remain unchanged'. The performances of recent additions Stratton Finance and Tyresales 'continue to be encouraging' and the company said it is making 'solid progress on the development of opportunities in Brazil and South Korea'.

The reassurances have sent the shares up more than 3% today and they're now up about 8% since Carsales upgraded to Buy on 7 Oct 14 (Buy – $9.63). With the price now well above our $10 Buy trigger, we're reverting to HOLD.

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