Analyst Marvin Fong from BTIG maintained a Buy rating on Carvana Co and keeping the price target at $450.00.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Marvin Fong’s rating is based on several positive developments at Carvana Co. The company has made significant strides in operational efficiency, particularly with the expansion of same-day delivery services, which is becoming more feasible due to technological advancements and increased staffing. This improvement is expected to enhance customer experience and drive further growth.
Additionally, Carvana’s introduction of ADESA Clear and its stable dealer-driven volumes, despite a challenging wholesale market, indicate a robust business model. The company’s strategic focus on centralized planning and technological enhancements, such as AI-driven parts ordering, further supports its growth trajectory. These factors contribute to Fong’s confidence in Carvana’s ability to achieve its ambitious production goals, justifying the Buy rating.
Based on the recent corporate insider activity of 356 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.