Wells Fargo raised the firm’s price target on Carvana (CVNA) to $425 from $390 and keeps an Overweight rating on the shares. The firm says Carvana shares were justifiably higher after hours, with Q2 retail unit/Adjusted EBITDA upside, a strong Q3 outlook, and additional signs of building efficiencies/competitive advantages. Wells stays constructive with a compelling long-term opportunity and sustainable share gains.
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