ACV Auctions price target raised to $27 from $22 at Citi

Citi raised the firm’s price target on ACV Auctions (ACVA) to $27 from $22 and keeps a Buy rating on the shares. The analyst believes ACV is gaining high-teens market share of the broader wholesale market that is now 15% digital with the company approaching 10 points of the overall digital share. Citi is encouraged by adoption of newer products like ClearCar. ACV is well positioned to gain transaction share and expand margins going forward, the analyst tells investors in a research note.