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

Citizens JMP raised the firm’s price target on ACV Auctions (ACVA) to $20 from $18 and keeps an Outperform rating on the shares after assuming coverage of the name. ACV is making it easy for dealers to sell digitally, while its buyer fees remain below market levels and its technology unlocks transparency for buyers, the analyst tells investors in a research note. Management continues to apply technology to solve dealers’ problems and increase liquidity in wholesale auctions as better data science is unlocking guaranteed offer auctions, while ClearCar is turning dealers’ service and repair centers into vehicle acquisition channels for dealers, the firm says. Citizens believes ACV can sustain 20%+ growth and accelerate the expansion of EBITDA margins.