CarGurus price target lowered to $29 from $36 at UBS

UBS lowered the firm’s price target on CarGurus (CARG) to $29 from $36 and keeps a Neutral rating on the shares. New trade policies are raising the cost to make a vehicle, leading to increased consumer prices and negatively impacting demand, while production disruptions are likely, financially challenging suppliers, the analyst tells investors in a research note. The industry looks structurally changed vs. prior, leaving UBS to believe auto stocks should not sustainably recover as much as the market in a country tariff pullback scenario.