S&P REITERATES SELL OPINION ON SHARES OF DEALERTRACK
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3:22 PM ET 2/20/09
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TRAK
11.43 -0.61%
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SNPMarketScopeResearchNotes2009-02-20 13:51:30.000TRAKDEALERTRACK HOLDINGSELevy-CFAS&P REITERATES SELL OPINION ON SHARES OF DEALERTRACKQ4 loss per share of $0.03 vs. EPS of $0.10 is a penny narrower than our $0.04 loss estimate. On a non-GAAP basis, EPS was $0.16, above our $0.10 forecast. Transaction revenue beat our forecast despite dealership consolidation. We expect lower industry sales to hurt '09 results, and our sales forecast for TRAK is below company guidance. We cut our '09 GAAP estimate by $0.16 to a loss of $0.06, before special items, and our non-GAAP EPS estimate by $0.27 to $0.35. Our 12-month target price of $11, 31.4X our '09 non-GAAP estimate, is based on historical and peer P/E analysis.|US;TRAK|99171|3739656