In a report released today, Ronald Josey from Citi maintained a Buy rating on Carvana Co, with a price target of $415.00.
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Ronald Josey has given his Buy rating due to a combination of factors, including Carvana’s impressive sales performance and future growth potential. The company’s retail unit sales in the second quarter exceeded expectations, showing a significant year-over-year increase. This strong performance has led to an upward revision in unit and EBITDA projections, indicating a promising outlook for the company’s financial health.
Additionally, Carvana’s inventory levels have normalized, which typically results in increased demand and reduced logistics costs. The company’s average transaction prices remain competitive, and shipping costs have decreased, further enhancing its market position. With these positive developments, Josey believes Carvana is on track to achieve its long-term goal of selling 3 million retail units annually, justifying the Buy rating and an increased target price.
In another report released yesterday, Stephens also maintained a Buy rating on the stock with a $375.00 price target.
Based on the recent corporate insider activity of 309 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CVNA in relation to earlier this year.