ACV Auctions price target raised to $24 from $21 at JMP Securities

JMP Securities raised the firm’s price target on ACV Auctions to $24 from $21 and keeps an Outperform rating on the shares. The Street is not appreciating ACV Auctions’ ability to continue taking its fees higher, the analyst tells investors in a research note. The firm views ACV’s fee hikes as tactical from here, given it has meaningfully increased fees over the last few years, and sees no reason the company would not continue to match industry fee increases.