Goldman Sachs Remains Neutral On KAR Auction Services (KAR)

Goldman Sachs has a Neutral rating and a $15.50 price target on shares of KAR Auction Services

. In a note to clients, Goldman writes, "As we introduce 2013 forecasts, we extend our bottom-up industry whole car auction volume analysis out to that year and capture rebounding volumes as supply of off-lease vehicles turns from a material headwind into a tailwind. We expect industry whole car volumes +6% yoy in 2013, after -0.5% in 2011 and -0.4% in 2012, aiding ADESA and KAR revenues and adjusted EBITDA." Shares of KAR gained 44 cents yesterday to close at $17.04, a gain of 2.65%.