RBC Capital analyst Brad Erickson raised the firm’s price target on CarGurus to $27 from $26 and keeps an Outperform rating on the shares. The company’s Q1 results were generally solid with a mix of strong core marketplace execution, while its turnaround remains very much still in process, the analyst tells investors in a research note. CarGurus’ core business is back to steady low double digit growth and is doing so with better traffic, dealer-adds and add-on products alongside better marketing leverage, which is the big incremental positive, RBC adds.
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