Needham analyst Chris Pierce has named ACV Auctions (ACVA) a Top Pick for 2023 and added the name to the Needham Conviction List, replacing CarGurus (CARG). The analyst is positive on the company’s high leverage to wholesale vehicle transactions and consistent execution to date, keeping his Buy rating and also noting that the stock offers upside to his unchanged price target of $12. Pierce adds that he is bullish on increased used vehicle velocity in 2023 given the recent datapoints and a low hurdle for growth.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on ACVA:
- Sell these stocks now, proven algorithm says
- ACV to Participate at the 2022 Raymond James Technology Investors Conference
- ACV Returns to Used Car Week 2022 as Active Sponsor and Exhibitor
- ACV Auctions price target lowered to $12 from $18 at Canaccord
- ACV Auctions sees FY22 revenue $ $421M-$424M, consensus $428M
