UPDATE: Raymond James Assumes, Upgrades CarGurus Inc. (CARG) to Outperform
- Wall St ends higher as Fed signals bond-buying taper soon
- Fed maintains federal funds rate at 0 to 1/4; Fed maintains Treasury, MBS purchases but says moderation in pace may 'soon be warranted'
- Toast (TOST) IPO Opens Up 63%, Pushing Valuation to Nearly $33B
- Facebook (FB) Shares Hit After Warning on Impact of Apple's (AAPL) Privacy Changes
- Adobe (ADBE) Tops Q3 Estimates, After-Hours Move Lower in Shares Creates a Buying Opportunity Says Analyst
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."
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
- UPDATE: Raymond James Upgrades Xponential Fitness Inc (XPOF) to Strong Buy
- UPDATE: Stifel Starts Mirati Therapeutics (MRTX) at Buy
- UPDATE: Loop Capital Starts Regal Beloit (RBC) at Buy, 'PT; Underappreciated Value in the PMC Acquisition and Robust FCF'
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesRaymond James, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!