CarGurus price target raised to $40 from $36 at JPMorgan

JPMorgan raised the firm’s price target on CarGurus (CARG) to $40 from $36 and keeps an Overweight rating on the shares. The company’s Q3 results registered a solid beat on EBITDA, marking its eighth consecutive quarterly EBITDA beat versus consensus, the analyst tells investors in a research note. The firm says the beat and raise driven by strong marketplace revenue growth, which showcases CarGurus’ strength of product development initiatives in recent years.