Carvana downgraded to Neutral from Buy at BofA

BofA downgraded Carvana (CVNA) to Neutral from Buy with a price target of $360, down from $400. The stock’s near-term risk/reward looks balanced amid recent macro and industry headwinds, the analyst tells investors in a research note. The firm says that with the recent spike in oil prices pressuring lower and middle income consumers, and two-year rates “moving in the opposite direction,” Carvana’s risk/reward is more balanced heading into 2026.