Carvana (CVNA) just received a major vote of confidence from Wall Street, as five-star-rated analyst Andrew Boone at Citizens JMP set a new Street-high price target on the stock. Boone raised his target from $275 to $440, projecting an upside of 28% from current levels. Following the hike, CVNA stock rose 1.52% on Wednesday, bringing its year-to-date gain to an impressive 68%.
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It is worth noting that Boone ranks 679 out of 9,680 analysts tracked by TipRanks. He has a success rate of 54%, with an average return per rating of 9.5% over a one-year timeframe.
Here’s Why Citizens JMP Sees More Growth
Citizens JMP highlighted Carvana’s strong customer experience, backed by a net promoter score (NPS) of 69. For context, NPS measures how likely customers are to recommend a company’s products or services.
Boone credited this score to Carvana’s use of proprietary software that streamlines transparent vehicle selection, along with its nationwide logistics infrastructure and reconditioning capabilities that allow it to undercut traditional dealerships on price. Additionally, he expressed confidence in Carvana’s growth potential, noting that the company is well-positioned to move closer to its medium-term EBITDA margin goal of 13.5%.
More Analysts Raise Price Targets
Before Citizens JMP’s move, Evercore and Jefferies also hiked their price targets on CVNA stock while keeping their Hold ratings.
Jefferies raised its outlook on Carvana after data showed faster retail growth in the four weeks before June 7. If current trends continue, Carvana’s retail units could grow 47% year-over-year in Q2, about 4% better than Jefferies’ earlier forecast.
This revised outlook comes ahead of Carvana’s Q2 2025 earnings report, scheduled for July 30.
Is Carvana a Good Stock to Buy Right Now?
According to TipRanks’ consensus, CVNA stock has a Moderate Buy rating, based on 11 Buys and five Holds assigned in the last three months. The Carvana share price target of $338.57 implies a 1.4% downside over current trading levels.
