Business Services Industry
Montgomery Securities Raises Rating on Credit Acceptance Corporation from HOLD to BUY
Business Wire, April 19, 1996
SAN FRANCISCO--(BUSINESS WIRE)--April 19, 1996--Montgomery Securities Analyst Jordan Hymowitz has raised his rating on Credit Acceptance Corporation (NASDAQ: CACC) from HOLD to BUY.
Hymowitz expects the company to earn $0.89 per share in Fiscal Year (December) 1996 and $1.14 per share in Fiscal Year 1997. His 1996 target price is $24, or 26% above current levels.
Credit Acceptance Corp. purchases loans made to individuals with extremely poor credit histories that are secured by older, lower-priced used vehicles. The company currently has "membership" relationships with 3,977 dealerships in 48 states and the U.K. Credit Acceptance Corp. has superior collections ability, which Hymowitz believes will benefit from an improving economy. His BUY rating is based on his belief that the stock is currently undervalued.
CONTACT: Montgomery Securities
Jordan Hymowitz, 415/627-2016
Elizabeth Snowdon, 415/627-2747
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