ACV Auctions rises as Needham lifts PT

ACV Auctions

26/12/2024 15:50

** Shares of ACV Auctions  ACVA.O  up about 1% at $21.87
    ** Brokerage Needham raises the stock's PT to $28 from $26
    ** Says the online vehicle auction platform's revenue will
grow as it expands into commercial auction supply 
    ** Brokerage expects rising demand in Q4 and FY25; adds that
a short supply of used vehicles will increase revenue 
    ** Needham expects company growth in the long term as
wholesale auctions shift away from brick-and-mortar towards
online, where the company is a leader
    ** Eleven of 14 brokerages rate the stock "buy" or higher
and three "hold"; their median PT is $26, according to data
compiled by LSEG
    ** Including session's moves, ACVA up about 45% YTD

 (Reporting by Aamir Sohail in Bengaluru)
 ((Aamir.Sohail@thomsonreuters.com;))