Carsales upgraded to Buy

The decision by new car makers including Holden, VW, Nissan, Honda and Suzuki to instruct dealers not to list new cars on Carsales.com has continued to weigh on sentiment towards the stock, driving the price down 9% since we downgraded to Hold in Carsales goes for a spin on 28 Oct 13 (Hold – $10.24). But with the stock now firmly below our $10 guide, we’re upgrading again to Buy.The concerns are not unfounded. For one thing, the car maker action demonstrates that there are some big fish in this market – it’s not a problem REA Group has to...

The decision by new car makers including Holden, VW, Nissan, Honda and Suzuki to instruct dealers not to list new cars on Carsales.com has continued to weigh on sentiment towards the stock, driving the price down 9% since we downgraded to Hold in Carsales goes for a spin on 28 Oct 13 (Hold – $10.24). But with the stock now firmly below our $10 guide, we’re upgrading again to Buy.

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