Carvana price target lowered to $395 from $425 at Evercore ISI

Evercore ISI lowered the firm’s price target on Carvana (CVNA) to $395 from $425 and keeps an In Line rating on the shares. Carvana’s strong performance in Q3, including unit sales growth that outpaced expectations, highlights its ability to capture profitable market share, but the softer Q4 EBITDA guidance, impacted by increased seasonal GPU effects and unexpected advertising expenses, is causing some pressure on the stock, the analyst tells investors in a post-earnings note.