JPMorgan lowered the firm’s price target on Carvana (CVNA) to $455 from $490 and keeps an Overweight rating on the shares ahead of the Q1 report. The firm reduced estimates to reflect weaker than expected industry demand in March and lower margins amid higher fuel expenses. Carvana’s retail gross profit per unit progress in Q1 is key to reassuring investors and provide medium-term visibility, the analyst tells investors in a research note.
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