BUZZ-ACV Auctions rises as Needham lifts PT

Reuters2024-12-26

** Shares of ACV Auctions ACVA.O up about 1% at $21.87

** Brokerage Needham raises the stock's PT to $28 from $26

** Says the online vehicle auction platform's revenue will grow as it expands into commercial auction supply

** Brokerage expects rising demand in Q4 and FY25; adds that a short supply of used vehicles will increase revenue

** Needham expects company growth in the long term as wholesale auctions shift away from brick-and-mortar towards online, where the company is a leader

** Eleven of 14 brokerages rate the stock "buy" or higher and three "hold"; their median PT is $26, according to data compiled by LSEG

** Including session's moves, ACVA up about 45% YTD

(Reporting by Aamir Sohail in Bengaluru)

((Aamir.Sohail@thomsonreuters.com;))

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