CAR managed to bounce ~13% off its late February low but its feeling increasingly like a begrudging move and our preferred scenario is it tests $23 in the coming weeks/months. We ultimately believe CAR and other classified type business are more susceptible to disruption relative to a WiseTech or Technology One, for instance, with higher risk around competitive pressures.
- We wouldn’t be surprised to see CAR make fresh 2026 lows, but it’s “looking for a low.”
MM would get bullish CAR around $23
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