Carvana price target raised to $510 from $490 at JPMorgan

JPMorgan raised the firm’s price target on Carvana (CVNA) to $510 from $490 and keeps an Overweight rating on the shares as part of a Q4 earnings preview. The firm cites strong unit growth assumptions for the target boost. It expects Carvana to report a “solid beat and raise” in Q4, but reduced estimates slightly to reflect modestly lower pricing and slightly higher spending to factor in new vehicle franchise acquisitions.