CARG - CarGurus +4.3% as BTIG upgrades on valuation

CarGurus (CARG) is up 4.3% premarket after an upgrade to Buy at BTIG, from Neutral. The firm's got valuation on its mind after the shares have run down about 35% from an early-August high. That means a risk profile "attractive at current levels, especially with auto dealer fundamentals looking very firm," and a potentially "soft" third quarter mostly priced in. There are multiple positive catalysts ahead, including a potential increase in dealer ad spending as well as more demand from a government stimulus. It has a price target of $26, implying 25% upside. Wall Street analysts are Bullish on the stock, while Seeking Alpha authors are Neutral. It has a Quant Rating of Neutral. CARG over the past six months:

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CarGurus +4.3% as BTIG upgrades on valuation