ACV Auctions price target lowered to $18 from $20 at Citizens JMP

Citizens JMP analyst Andrew Boone lowered the firm’s price target on ACV Auctions (ACVA) to $18 from $20 and keeps an Outperform rating on the shares. ACV Auctions reported a slight miss for Q2, saying that June was a soft month for wholesale as dealers held back units leading to a 500 basis point conversion miss compared to what the company expected, the analyst tells investors in a research note. The firm believes the company can resume 20%+ growth in 2026.