Needham has decided to maintain its Buy rating of CarGurus (NASDAQ:CARG) and lower its price target from $40.00 to $32.00.
Shares of CarGurus are trading up 0.42% over the last 24 hours, at $22.52 per share.
A move to $32.00 would account for a 42.13% increase from the current share price.
About CarGurus
CarGurus Inc is a company that acts as an online automotive marketplace connecting buyers and sellers of new and used cars. The company provides three types of marketplace Listing products, Restricted Listings, and Enhanced or Featured Listing through which it offers real-time and historical data analyzing the connections and pricing analysis. It also provides all dealers with a web widget to place Deal Rating Badges, which show deal rating. The listing platforms offer auto manufacturers and others to buy advertising on the company's site and target consumers based on the make, model, and zip code of the cars. The company operates through two geographical segments namely United States and the International. Most of the company's revenue comes from the United States.
About Analyst Ratings
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Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
