CarGurus price target raised to $24 from $22 at Needham

Needham raised the firm’s price target on CarGurus to $24 from $22 and keeps a Buy rating on the shares after its Q4 resutls and guidance. The strength of CarGurus’s dealer marketplace lead gen business and an undemanding multiple provide support for the stock, with quarterly revenue per subscribing dealer, or QARSD, growth accelerating and weak comps upcoming in the first half of 2024, the analyst tells investors in a research note.