Carvana price target raised to $380 from $260 at DA Davidson

DA Davidson analyst Michael Baker raised the firm’s price target on Carvana (CVNA) to $380 from $260 and keeps a Neutral rating on the shares. The company beat consensus estimates on most line items, including used unit growth, the analyst tells investors in a research note. The firm was “wrong” on the call that growth would accelerate from last quarter’s 46% increase, though Carvana’s growth rate and share gains remain orders of magnitude higher than others, DA Davidson added.