Citi raised the firm’s price target on CarGurus to $27 from $24 and keeps a Neutral rating on the shares. Against the backdrop of normalizing new car supply, CarGurus is accelerating marketplace revenue growth, the analyst tells investors in a research note. However, the firm says macro headwinds remain with digital wholesale revenue in Q1 and are expected to decline sequentially again in Q2, even as execution is improving. Nonetheless, Citi is encouraged with CarGurus’ improving margins overall.
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