CarGurus price target raised to $18 from $14 at Citi

Citi analyst Ronald Josey raised the firm’s price target on CarGurus to $18 from $14 and keeps a Neutral rating on the shares. The company’s Q4 results "were a step in the right direction" with CarGurus refocusing on profitable growth as it retools CarOffer amid its overall end-to-end strategy for both dealers and consumers, the analyst tells investors in a research note. The firm’s biggest takeaway from the results is the inherent profitability of CarGurus’ core U.S. Marketplace business.