CarGurus downgraded to Market Perform from Outperform at Citizens JMP

Citizens JMP downgraded CarGurus (CARG) to Market Perform from Outperform and removed the firm’s prior $38 price target on the shares as the analyst took over coverage of the stock. CarGurus is a leading used vehicle marketplace, but the firm believes it is driving growth primarily through pricing or package upsells as its U.S. dealer count has grown at a compounded rate of 1% over the past three years, the analyst tells investors.