CarTrade Tech share price target raised on bullish outlook; analysts see 45% upside

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₹1,120 from ₹1,020, citing a potential upside of 45% for the firm. The firm has retained its 'buy' recommendation for the used vehicle dealers company shares.

CarTrade Tech share price today opened at ₹774.65 apiece on BSE, the stock touched an intraday high of ₹823.55 and an intraday low of ₹771.55.“The stock has seen good volumes during recent upmove. The volumes are low on corrections and has good support around 775 which is the 89 DEMA support.

Thus downside seems to be limited for the short term," said Ruchit Jain, Lead Research Analyst at 5paisa.Also Read: RBI monetary policy effect: Nifty Realty Index rises 1.55%. Shares of Sobha, Oberoi Realty hit record highAccording to the brokerage's analysis, with chip shortages improving in FY24 and automakers meeting pent-up demand, we appear to be returning to normal, with reported inventories of roughly 45-50 days, comparable to pre-COVID levels.

As previously stated in their reports, original equipment manufacturers (OEMs) reduced their advertising spending owing to their inability to meet current demand. As supply normalises, the brokerage house estimate OEM ad spending and dealer lead buying to outpace auto sector revenue growth in FY25.“Furthermore, we reiterate expectations of sustained rebound in Remarketing segment while OLX would benefit from picking low-hanging fruits such as ads integration, price hikes and integration with Carwale classifieds," the brokerage said in its report.