Carvana price target lowered to $200 from $250 at Baird

Baird lowered the firm’s price target on Carvana (CVNA) to $200 from $250 and keeps a Neutral rating on the shares. The firm reset its rating baseline, with Neutral as the default setting for its powersports coverage. Trade policy has “upended trading patterns,” and the right move “is to protect dry powder for our best shots when the fog clears,” the analyst tells investors in a research note. The firm says tariffs threaten to upend the powersports ecosystem, “rekindling retaliatory tariffs and an affordability crisis – potentially forcing uncomfortable structural change on survivors.” Baird moved to Neutral on a handful of stocks pending better visibility into the implications of “aggressive” trade policy.