TrueCar price target raised to $4 from $3.30 at B. Riley

B. Riley analyst Naved Khan raised the firm’s price target on TrueCar (TRUE) to $4 from $3.30 and keeps a Neutral rating on the shares. TrueCar’s Q3 results were slightly better on the top line, while EBITDA was modestly below, and B. Riley is encouraged by double-digit growth in units, which was entirely driven by strength in the Affinity network and was a key contributor to the better top-line performance, the analyst tells investors in a research note. The firm remains on the sidelines, as it feels the stock already reflects reasonable prospects for growth and profitability.