Barclays analyst John Babcock raised the price target for CarGurus to $41 from $40. The firm maintains an Overweight rating on the stock following the company's August 6 earnings report.
CarGurus reported second-quarter revenue of $251.0 million. This figure represents a 13% increase compared to the previous year. The company also issued third-quarter earnings per share guidance that exceeds the analyst consensus.
Management attributed the growth to improved operational efficiencies and strong performance in the marketplace segment. Several other firms, including Needham, UBS, B. Riley, and RBC Capital, have also increased their price targets for the company.