Needham Reiterates Buy Rating on ACV Auctions Inc (ACVA)

Needham analyst Chris Pierce reiterated a Buy rating and $26.00 price target on ACV Auctions Inc (NASDAQ: ACVA).

The analyst commented: "We reiterate our Buy rating and Needham Conviction List pick after hosting ACVA (George Chamoun, CEO and Bill Zerella, CFO) at Needham's 4th annual Consumer Tech and eCommerce Conference. We continue to be bullish on ACVA's secular tailwinds - dealer to dealer wholesale auction share gains from technology and data leadership, VCI efficiencies and early days commercial TAM penetration. We see industry tailwinds for ACVA accelerating, with even a modest pick up in used vehicle demand against low overall vehicle supply driving stronger retail unit velocity, a leading indicator for wholesale unit velocity, which comes through in elevated auction conversion rates, increasing ACVA unit growth. Our $26 target represents 20x our '26 adj EBITDA, with 20x representing a discount to projected adj EBITDA growth in our model."

For an analyst ratings summary and ratings history on ACV Auctions Inc click here. For more ratings news on ACV Auctions Inc click here.

Shares of ACV Auctions Inc closed at $21.97 yesterday.

You May Also Be Interested In

• Correction: Kepler Cheuvreux Upgrades Siemens AG (SIE:GR) (SIEGY) to Hold
• National Bank Financial Upgrades Wesdome Gold Mines Ltd. (WDO:CN) (WDOFF) to Outperform
• JPMorgan Upgrades Nanya Technology Corp (2408:TT) to Overweight