Carvana price target lowered to $460 from $515 at BofA

BofA lowered the firm’s price target on Carvana (CVNA) to $460 from $515 and keeps a Buy rating on the shares. The firm raised its Q4 unit growth estimate to 42% year-over-year, up from 36% previously, but is lowering its price target on the possibility of longer trade-in retention rates and pricing competition that may impact gross profit per unit.