JPMorgan raised the firm’s price target on Carvana (CVNA) to $415 from $350 and keeps an Overweight rating on the shares. The company’s Q2 results were well ahead of expectations, showing the levers it can pull to drive EBITDA and unit expansion while accelerating share gains, the analyst tells investors in a research note. JPMorgan believes Carvana is further widening its competitive moat.
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