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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why CarGurus Made It To Needham's Conviction List

CARG Needham Chris Pierce Nasdaq
  • Needham analyst Chris Pierce reiterated a Buy rating and $40 (53.4% upside) target post-CarGurus, Inc's (NASDAQ:CARG) Investor Day and added it to the Needham Conviction List (replacing ACV Auctions Inc (NASDAQ: ACVA)). 
  • Pierce cited increased confidence in the growth of the dealer-facing subscription business and multiple tailwinds supporting share gains in wholesale. 
  • He saw better monetization of consumer traffic as CARG moved down the funnel further into (asset-light) digital retailing.
  • Pierce viewed CARG's combination of growth and profitability favorably.
  • Price Action: CARG shares traded lower by 2.46% at $25.16 on the last check Tuesday.
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