Carvana price target raised to $375 from $325 at BofA

BofA raised the firm’s price target on Carvana (CVNA) to $375 from $325 and keeps a Buy rating on the shares. Data from Cox Auto shows that industry-wide retail used vehicle sales grew 4% year-over-year in May, while May used car supply ended at 44 days of supply, up one day from April and down only two days year-over-year, the analyst reports. The firm continues to expect some shift from new to used to benefit Carvana, helping drive continued share gains, the analyst tells investors.