However analysts said progress on these products are unlikely to be announced for another year, and there are risks if the UK enters a second lockdown period or if macro trends are worse than expected.
READ: Auto Trader skids slightly, predicts near-term revenue decline as car market recovers from coronavirus impact
The ‘buy’ recommendation was based on short-term catalysts such as the quick reopening of car dealerships, used car prices holding steady, a small number of forecourt closures during lockdown and a return toward full Auto Trader pricing.
The FTSE 100 stock has jumped 40% since the April trough, while the investment bank bumped up the share price to 525p from 510p.
Shares were flat at 532p on Monday late morning.