CarGurus Analysts Boost Their Forecasts Following Better-Than-Expected Earnings

CarGurus, Inc. CARG reported better-than-expected third-quarter financial results and issued FY24 guidance EPS guidance above estimates.

CarGurus reported quarterly earnings of 45 cents per share which beat the analyst consensus estimate of 42 cents. The company reported quarterly sales of $231.358 million which beat the analyst consensus estimate of $223.537 million.

“We are proud of our third quarter results as our Marketplace revenue growth further accelerated, and we leveraged our cost base to drive operating efficiencies,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Our customer-centric focus has enabled us to capture greater wallet share, as we strive to continuously enhance the value proposition we offer to our dealer partners, delivering actionable insights, tools, and functionalities that will over time drive adoption, engagement, and retention across our platform.”

CarGurus said it sees FY2024 adjusted EPS of $1.67 to 1.73 versus estimates of $1.64. The company sees sales of $885.000 million-905.000 million vs $883.61 million.

CarGurus shares gained 4.9% to trade at $35.00 on Friday.

These analysts made changes to their price targets on CarGurus following earnings announcement.

• Oppenheimer analyst Jed Kelly maintained CarGurus with an Outperform and raised the price target from $32 to $44.
• DA Davidson analyst Tom White maintained CarGurus with a Neutral and raised the price target from $26.5 to $38.5.
• JP Morgan analyst Rajat Gupta maintained the stock with an Overweight and raised the price target from $36 to $40.
• Needham analyst Chris Pierce maintained CarGurus with a Buy and raised the price target from $27 to $39.

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