BUZZ-BTIG initiates coverage of SunCar with 'buy' rating

Reuters

2024/12/31

** BTIG initiates coverage of China-based automotive service provider SunCar Technology SDA.O with "buy" rating

** Brokerage says SDA is well-positioned to gain share in China's automotive market

** Expects SDA's growth to increase as co puts greater focus on insurance policy renewals, while a more business friendly regulatory environment in China helps co increase insurance commission rates

** BTIG sets PT at $12, a ~25.4% upside on stock's last close

** Including session's moves, stock up ~10% YTD

(Reporting by Prakhar Srivastava in Bengaluru)

((Prakhar.srivastava2@thomsonreuters.com))

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