ACV Auctions price target raised to $22 from $20 at Canaccord

Canaccord raised the firm’s price target on ACV Auctions to $22 from $20 and keeps a Buy rating on the shares. The firm said they reported solid Q2 results, with GMV, revenue, and profitability all coming in well ahead of expectations as the company continues to capture market share from winning new dealer customers and expanding “share of wallet” within existing customers despite what remains an uneven backdrop for the dealer wholesale market stemming from stubbornlyhigh used vehicle prices.