JPMorgan analyst Rajat Gupta raised the firm’s price target on CarGurus to $29 from $27 and keeps an Overweight rating on the shares. The company’s’ Q1 results registered a solid beat on EBITDA, the analyst tells investors in a research note. The firm now has greater conviction around the near to medium-term revisions trajectory as well as the company’s longer-term growth potential. It believes the Q1 results are likely to shift the narrative back to CarGurus’ core market place offering that displayed ongoing market and wallet share gains.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CARG:
- DA Davidson auto/auto parts analyst/industry conference call
- CarGurus placed on ‘Positive Catalyst Watch’ at JPMorgan
- CarGurus To Report First Quarter 2024 Financial Results
- Hope on the Horizon: CarGurus Q1 2024 Report Reveals Inventory and Demand are Rebounding as Prices Improve
- CarGurus Study Reveals Shifting Consumer Preferences as Automotive Landscape Evolves and Costs Remain Elevated