New Delhi, July 13 -- CarTrade Tech share price rallied over 2% in early trade on Monday, despite a weak sentiment in the broader Indian stock market. CarTrade Tech shares gained as much as 2.3% to Rs.2,873.55 apiece on the BSE.

The rally in CarTrade Tech shares came after global brokerage firm UBS initiated coverage on the stock with a 'Buy' rating and a target price of Rs.4,000 apiece, implying an upside potential of more than 42% from Friday's closing price.

CarTrade Tech share price target valuation is based on 43x the average FY28-FY29 estimated price-to-earnings (P/E) multiple, broadly in line with the company's long-term average valuation.

UBS noted that CarTrade Tech's asset light model offers significant operating leverage. It...