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If for any reason you believe you received this email in error or if you no longer wish to receive these emails, click here to unsubscribe. "It's never too late to retire early" The global chip shortage is curtailing the production of new cars, and that's had a knock-on effect at KAR Auction Services (KAR).
KAR, you see, provides auction services for used cars, and a lack of new vehicle supply has driven used vehicle prices higher. In turn, that has "dramatically reduced the number of off-lease vehicles reaching KAR platforms," notes Baird analyst Craig Kennison.
As a result, shares in KAR are down 14% so far this year. Kennison thinks it's time to pounce, rating the stock at Outperform (the equivalent of Buy). Danelfin, albeit for more quantitative reasons, wholeheartedly agrees with the analyst's call – featuring KAR Auction Services as one of its top stocks to watch.
KAR's perfect 10 AI Score is led by a sentiment grade of 10. Data points boosting that sentiment reading include valuation, relatively high short interest – or the percentage of shares outstanding sold short – and KAR's implied upside to the Street's average 12-month price target.
Meanwhile, the stock's fundamental score hasn't dropped below 7 since the end of 2020, and the technical grade has scored at 7 or higher since early May.
While Danelfin's AI likes KAR stock for outperformance over the next few months, the Street is bullish for the long term, too, giving shares a consensus recommendation of Buy.
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