CarGurus price target raised to $41 from $32 at JMP Securities

JMP Securities analyst Nicholas Jones raised the firm’s price target on CarGurus (CARG) to $41 from $32 and keeps an Outperform rating on the shares. CarGurus reported solid Q3 results, with beats on both the top and bottom lines, and guidance for Q4 was better than expected across the board, the analyst tells investors in a research note. While the firm was impressed with CarGurus’ Q3 performance and Q4 guidance, particularly given ongoing macro and industry challenges, it does not view the results or guidance as thesis-changing.