UPDATE: Raymond James Assumes, Upgrades CarGurus Inc. (CARG) to Outperform

April 7, 2021 4:39 PM EDT
Get Alerts CARG Hot Sheet
Price: $31.60 +1.58%

Rating Summary:
    11 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 22
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - April 7, 2021 4:47 PM EDT)

Raymond James analyst Nicholas Bacchus assumes coverage, upgraded CarGurus Inc. (NASDAQ: CARG) from Market Perform to Outperform with a price target of $34.00.

The analyst comments "We believe 1) U.S. dealer count has likely bottomed and will benefit from an industry recovery in 2021; 2) consensus assumptions for dealer count adds in 2021 could be conservative; 3) it is well positioned in the shift to digital commerce for autos and new digital retail offerings will help improve the narrative; 4) sales and marketing efficiencies could point to higher earnings power; and 5) the valuation and risk/reward profile are compelling. We acknowledge that our call may be early given we believe industry supply likely remains tight (albeit improved) in 1H21. However, we think that sequentially improving fundamentals will be viewed constructively and that larger improvements could come in 2H21 with any upgrade in used inventory supply conditions."

For an analyst ratings summary and ratings history on CarGurus Inc. click here. For more ratings news on CarGurus Inc. click here.

Shares of CarGurus Inc. closed at $25.27 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Upgrades

Related Entities

Raymond James, Earnings