FMP
Carvana Upgraded to Outperform at Wedbush
Oct 12, 2021 12:03 AM - Davit Kirakosyan
Image credit: FMP
Analysts at Wedbush upgraded Carvana Co. (NYSE:CVNA) to outperform from neutral, raising their price target to $360 from $350.
The brokerage’s rating change was driven by the strong upside to near-term profitability from Retail and Finance gross profit per unit (GPU), combined with the recent stock price underperformance. The analysts reiterated their bullish view on near-term Retail GPU and Finance GPU from favorable market conditions and strong execution, noting that the company has built a very solid financing business, with profitability rising to record levels in Q2/21.
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