Shares of ACV Auctions Inc. (NASDAQ: ACVA) surged over 8% on Wednesday after investment firm Piper Sandler upgraded the stock to Neutral from its previous Underweight rating and raised the price target to $18 from $16.
The upgrade and price target increase reflect Piper Sandler's more positive outlook on the online automotive remarketing platform, which connects sellers and buyers of used vehicles across the United States. Analysts cited ACV Auctions' strong revenue growth and improving profitability as key factors behind the rating change.
The bullish call from Piper Sandler provided a significant boost to ACV Auctions' share price, which jumped 8.46% to close at $15.22 on November 8th. The stock has gained over 50% year-to-date, as investors continue to see potential in the company's disruptive business model and expanding market presence.
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