CarGurus price target lowered to $38 from $43 at Citizens JMP

Citizens JMP lowered the firm’s price target on CarGurus (CARG) to $38 from $43 and keeps an Outperform rating on the shares. CarGurus, the highest quality lead generation platform, is unlikely to see material churn, if any, in a recession, but the firm would not be surprised to see challenges increasing Quarterly Average Revenue per Subscribing Dealer while dealers become more discerning with their ad spend, the analyst tells investors in a research note. The firm sees share gainers and industry leaders as the more compelling opportunities amid market volatility.