CAR Group Bulls See EV Adoption as a Tailwind

Dow Jones08-13

0123 GMT - CAR Group's bulls at Morgan Stanley reckon that Australians' pivot toward electric vehicles is now a tailwind for the classifieds group. They tell clients in a note that CAR has been a net beneficiary of this accelerated adoption due to increased media revenues from manufacturers, and increased comfort from dealers in handling the new technologies. They think that this should ease prior investor concerns that growth of EV ownership in Australia could diminish CAR's total addressable market. They keep an outperform rating on the stock, pointing to CAR's deep expertise, profitability, capitalization and progress with artificial-intelligence tools. MS lifts its target price on the stock 6.0% to 35.50 Australian dollars. Shares are down 1.2% at A$28.65.

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