Carvana price target raised to $415 from $325 at Citi

Citi analyst Ronald Josey raised the firm’s price target on Carvana (CVNA) to $415 from $325 and keeps a Buy rating on the shares. Citi’s retail unit sales tracker on Carvana.com suggests Q2 retail unit sales of 142,000 units in Q2, up 40% year-over-year and 6% quarter-over-quarter. This is 1,000 above the consensus estimate. Citi found it encouraging that its tracker indicted an inventory rise of 36% year-over-year in Q2.