ACV Auctions price target lowered to $19 from $20 at JPMorgan

JPMorgan analyst Rajat Gupta lowered the firm’s price target on ACV Auctions (ACVA) to $19 from $20 and keeps an Overweight rating on the shares. The firm sees a negative risk/reward for the auto retail sector with the shares outperforming despite “weakening fundamentals.” Industry fundamentals have weakened even before the impact of tariffs have flowed through to vehicle pricing, the analyst tells investors in a research note. As a result, JPMorgan sees potential for modest multiple compression in the group.