Oppenheimer Issues a Buy Rating on CarGurus (CARG)
In a report released today, Jed Kelly from Oppenheimer assigned a Buy rating to CarGurus (CARG), with a price target of $34.00. The company’s shares closed last Thursday at $22.09.
According to TipRanks.com, Kelly is a 4-star analyst with an average return of 10.6% and a 50.9% success rate. Kelly covers the Technology sector, focusing on stocks such as Paypal Holdings, Black Knight, and EverQuote.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for CarGurus with a $33.00 average price target, implying a 51.3% upside from current levels. In a report issued on October 23, BTIG also upgraded the stock to Buy with a $26.00 price target.
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Based on CarGurus’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $94.74 million and net profit of $7.13 million. In comparison, last year the company earned revenue of $145 million and had a net profit of $6.01 million.
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Cargurus, Inc. engages in the provision of online auto shopping. It offers proprietary technology, search algorithms, and innovative data analytics to analyze new and used car listings. The firm operates through the following segments: United States and International. The United States segment derives revenues from marketplace subscriptions, advertising services, and other revenues from customers within the United States. The International segment includes the revenues from marketplace subscriptions, advertising services, and other revenues from customers outside of the United States. The company was founded by Langley Steinert in 2006 and is headquartered in Cambridge, MA.