Needham analyst Chris Pierce lowered the firm’s price target on ACV Auctions (ACVA) to $16 from $25 and keeps a Buy rating on the shares after its Q2 earnings miss. The company continues to execute against the longer term tenets of the firm’s bull thesis, growing industry share and widening technology leadership, but the macro lumpiness and questions on a slower share gain trajectory are driving elevated near term uncertainty and a flatter growth trajectory, the analyst tells investors in a research note. The firm adds that its assumed 20-times forward EBITDA multiple is elevated relative to ACV Auctions’ near-term unit growth.
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