Carvana price target lowered to $385 from $405 at BofA

BofA lowered the firm’s price target on Carvana (CVNA) to $385 from $405 and keeps a Buy rating on the shares. Carvana reported a “big 3Q beat,” but a slightly lower Q4 is implied by guidance, the analyst tells investors. The firm, which thinks investors were likely expecting more Q4 upside following the big Q3 beat, calls EBITDA guidance “underwhelming,” but adds that it could be conservative.