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Upgrade Alert for Credit Acceptance (CACC)

By James Quinn

Credit Acceptance (NASDAQ:CACC) was upgraded from Sell to Neutral at Janney Montgomery today. The stock closed yesterday at $178.65 on volume of 287,000 shares, above average daily volume of 166,000.

Credit Acceptance Corporation provides funding, receivables management, collection, sales training, and related services to automobile dealers. The Company provides indirect financing for buyers with limited access to traditional sources of consumer credit. Credit Acceptance operates in North America, the United Kingdom, and Ireland.

Credit Acceptance has overhead space with shares priced $178.65, or 5.1% below the average consensus analyst price target of $188.29. Credit Acceptance shares should first meet resistance at the 50-day moving average (MA) of $192.34 and find additional resistance at the 200-day MA of $199.89.

In the past 52 weeks, Credit Acceptance share prices have been bracketed by a low of $159.43 and a high of $277.98 and closed yesterday at $178.65, 12% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.5%.

SmarTrend is monitoring the recent change of momentum in Credit Acceptance. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Credit Acceptance in search of a potential trend change.

Keywords: analyst upgrades/downgrades credit acceptance

Ticker(s): CACC