BTIG analyst Marvin Fong raised the firm’s price target on CarGurus (CARG) to $35 from $30 and keeps a Buy rating on the shares as part of a broader research note on Auto Marketplaces. The firm notes that short-term drivers such as rising new car days supply metrics are supportive, though there is also a longer-term secular case for the online auto marketplace sector, underpinned factors that include: Ad budgets are below normalized levels, digital sales reduced sales force expense, and Auto marketplaces are growing in relevance, the analyst tells investors in a research note.
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