ACV Auctions price target raised to $20 from $18 at JMP Securities

JMP Securities raised the firm’s price target on ACV Auctions to $20 from $18 and keeps an Outperform rating on the shares. ACV Auctions delivered strong Q2 results, beating consensus estimates for revenue and adjusted EBITDA by 4% and 59%, respectively, and management raised its full-year outlook on both the top and bottom lines, the analyst tells investors in a research note. ACV’s ability to grow RPU despite a double-digit decline in GMV per unit demonstrates the pricing power it holds, with management suggesting that it has more pricing flexibility moving forward, the firm says.