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Bear Stearns Upgrades AmeriCredit to 'Buy'

Bear Stearns upgraded AmeriCredit (ACF) to buy from attractive.

Analyst David Hochstim says the third quarter is very strong, and he notes robust business volume. Hochstim says his previous view that a surge in loan purchases at the end of 2001 would take away from volume in the first half of 2002 seems unfounded. He says although losses continue to rise, AmeriCredit appears to be performing well given its strong revenue and earnings per share growth. He notes delinquencies are down substantially, signaling a charge-off peak in the next couple of quarters. Hochstim says an improving expense ratio is offsetting higher credit costs. He raised his $3.72 calendar 2002 EPS estimate to $3.95, and upped the $50 target to $56.

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