Carvana price target raised to $290 from $280 at Morgan Stanley

Morgan Stanley analyst Adam Jonas raised the firm’s price target on Carvana (CVNA) to $290 from $280 and keeps an Overweight rating on the shares. The company reported a record Q1 with a strong long-term guide, the analyst tells investors in a research note. Longer term, Morgan Stanley believes that Carvana is uniquely positioned to serve an automotive and transportation total addressable market that goes far beyond the buying and selling of used cars, driving potentially far higher growth that is not reflected in today’s share price.