Raymond James lowers CarGurus PT as demand softens

CarGurus

30/09/2022 19:58

** Raymond James cuts its PT for CarGurus Inc  CARG.O  to
$20 from $28 while maintaining an 'outperform' rating on stock
    ** The brokerage also lowers revenue and EBITDA estimates
for Q3 and Q4, citing recent company commentary and softening
industry data points
    ** CarGurus noted softer quarter-to-date trends at an
investor conference earlier this month, as higher interest rates
and inflation are crimping demand for both new and used cars 
    ** Used-car retailer CarMax Inc  KMX.N  on Thursday also
said current macro environment was starting to take a toll on
vehicle demand
    ** 11 of 14 brokerages rate the stock "buy" or higher and 3
"hold"; their median PT is $30.50 - Refinitiv data
    ** Including today's session, stock had lost over half its
value this year
 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.Bedi@thomsonreuters.com;))