BTIG analyst Marvin Fong lowered the firm’s price target on CarGurus to $28 from $29 but keeps a Buy rating on the shares after its Q4 results and “messy” Q1 guidance. The revenue shortfall is not what investors want to see, but the delta is likely driven entirely by zero-margin Instant Max Cash Offer revenue, and the big picture on the stock “remains relatively unchanged”, the analyst tells investors in a research note.
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