Needham Lowers ACV Auctions (ACVA) Price Target to $14, Maintains Buy Rating

ACV Auctions Inc. (NASDAQ:ACVA) is one of billionaire Steve Cohen’s small-cap stock picks with huge upside potential. On October 7, Needham cut its price target on ACV Auctions Inc. (NASDAQ:ACVA) from $16 to $14 while reaffirming a Buy rating. The revision comes despite a surge in hiring activity, which Needham views as a bullish signal for future topline growth amid improving used auto supply and industry momentum.

The firm adjusted its estimates by flattening unit growth assumptions to exclude macro recovery benefits, citing ongoing volatility in used auto unit trends. While this volatility impacts short-term results and guidance, Needham sees limited effect on long-term projections.

ACV Auctions Inc. (NASDAQ:ACVA) operates a digital wholesale marketplace that enables dealerships to buy and sell used vehicles directly with one another. The platform streamlines business-to-business transactions, connecting sellers and buyers across the automotive industry.

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Disclosure: None. This article is originally published at Insider Monkey.