Citizens JMP lowered the firm’s price target on Carvana (CVNA) to $275 from $340 and keeps an Outperform rating on the shares. Carvana should continue to improve share gains within used car retail, but if overall volumes are depressed, then Carvana’s nominal volumes will also be lower, even with improving share gains, the analyst tells investors in a research note. The firm views Carvana’s disruptive approach to the industry as durable and its recent pullback as a compelling opportunity.
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