ACV Auctions risk/reward ‘highly compelling,’ says JPMorgan

JPMorgan keeps an Overweight rating on ACV Auctions (ACVA) with a $24 price target following the investor day. The presentation and management commentary “provided high conviction” that ACV can continue on its path of “strong market share gains for the foreseeable future while demonstrating solid margin expansion,” the analyst tells investors in a research note. JPMorgan believes the company can sustain mid-teens share gains even as the base of volumes grow. The firm continues to see ACV’s risk/reward as “highly compelling at these levels.”