Openlane upgraded to Overweight from Equal Weight at Stephens

Stephens upgraded Openlane (KAR) to Overweight from Equal Weight with a price target of $26, up from $20. While stating that the call “could be a bit early,” as lease vehicle turn-in volumes will likely be down significantly in 2025, the firm adds that “the opposite could be true in 2026.” If 2026 lease returns exceed expectations, these incremental units are much more profitable than average given sell fees are a function of vehicle price, adds the analyst, who views the set-up as “asymmetric with multiple paths to success.”