CarGurus price target lowered to $43 from $46 at Citizens JMP

Citizens JMP lowered the firm’s price target on CarGurus (CARG) to $43 from $46 and keeps an Outperform rating on the shares. CarGurus reported mixed Q4 results, and guidance for Q1 was also mixed, with revenue below consensus at the midpoint, largely due to ongoing pressures at CarOffer, though adjusted EBITDA was above Street estimates at the midpoint, the analyst tells investors in a research note. The firm expects continued positive momentum from CarGurus’ marketplace business as it refines product market fit for its Digital Wholesale segment and does not view the results or guidance as thesis-changing.