JMP Securities analyst Nicholas Jones last night upgraded CarGurus to Outperform from Market Perform with a $30 price target. After analyzing prevailing automotive trends across new, used, and wholesale, the firm believes the industry will be nearly normalized by 2026, with broader normalization by 2028. The analyst believes commentary from auto-exposed names will become increasingly constructive over the next several quarters as headwinds abate, turning into tailwinds amid likely lower rates and the increasing age of vehicles in operation. JMP upgraded CarGurus as it has become incrementally confident in continued industry normalization.
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