Carvana price target raised to $500 from $340 at Needham

Needham raised the firm’s price target on Carvana (CVNA) to $500 from $340 and keeps a Buy rating on the shares after its Q2 results and management commentary. The company has a lengthy runway given current industry share and industry fragmentation with its unique and best in class model as well as untapped vehicle reconditioning capacity, with continued incremental operating efficiencies driving improving adjusted EBITDA per retail unit, the analyst tells investors in a research note.