SunCar Technology initiated with a Buy at BTIG

BTIG initiated coverage of SunCar Technology (SDA) with a Buy rating and $12 price target SunCar’s three business segments address two main end-markets, B2B automotive services and insurance intermediation, the analyst tells investors. SunCar is addressing a combined addressable market of about $143B and given SunCar has achieved just about 1% share in each market, the firm believes SunCar is capable of 25%-plus annualized growth over the next several years, the analyst added.