Carvana price target raised to $440 from $340 at Piper Sandler

Piper Sandler raised the firm’s price target on Carvana (CVNA) to $440 from $340 and keeps an Overweight rating on the shares after the company posted another surprisingly good quarter. The stock is indicated higher by 15% in afterhours trading, and for good reason: almost every P&L line item compared favorably vs. Piper’s estimates. With such strong recent results, Piper thinks investors are likely to assign a higher probability that Carvana will achieve these milestones in five years. But the firm doesn’t think Carvana will stop there. In 10-plus years, it believes volume will handily exceed 3M units.