Carvana price target raised to $440 from $275 at Citizens JMP

Citizens JMP raised the firm’s price target on Carvana (CVNA) to $440 from $275 and keeps an Outperform rating on the shares after assuming coverage of the name. With Carvana creating a consumer experience with an net promoter score of 69 by combining proprietary software to enable transparent selection of tens of thousands of vehicles, a nationwide logistics network, and a reconditioning service that enables it to price below brick and mortar dealers, Citizens believe Carvana can further grow while pushing toward its medium-term EBITDA margin target of 13.5%, the analyst tells investors in a research note.