ACV price target lowered at Citizens JMP, pullback a ‘compelling’ entry point

Citizens JMP analyst Nicholas Jones lowered the firm’s price target on ACV Auctions (ACVA) to $18 from $22 and keeps an Outperform rating on the shares. ACV Auctions has consistently gained share of dealer wholesale volumes despite industry volatility, and these trends are expected to continue, though lower industry volumes are likely to yield lower unit volumes at ACV, despite continued share gains, the analyst tells investors in a research note. Citizens JMP sees ACV Auctions as a strong B2B marketplace, adding visibility and transparency to an opaque industry, and its recent pullback is a compelling entry point.