Company News

BUZZ-AutoCanada: Canaccord Genuity upgrades on "Go Forward Plan"

** Canaccord Genuity raises rating on Canada-based automobile dealership company AutoCanada to “buy” from “hold”

** Says with the management’s “Go Forward Plan” initiative co should be able to generate significant earnings leverage

** Canaccord positive on co’s plans surrounding sub-prime lending, which will not only lead to more high-margin finance and insurance revenue, but also help generate incremental vehicle sales

** The “Go Forward Plan” involves managing costs while increasing sales and employee productivity, and is being implemented across AutoCanada’s dealerships

** Says co should be able to create a more resilient earnings base and realize significant cost savings going forward

** Says AutoCanada shares are attractively valued and has relatively visible cost saving initiatives from a more coordinated purchasing platform

** Of 10 analysts’ covering the stock, 3 rate the stock as “buy” or higher, 6 have a “hold” while 1 analyst rated the stock as “sell” - Refinitiv Data