Carvana price target raised to $535 from $450 at BTIG

BTIG raised the firm’s price target on Carvana (CVNA) to $535 from $450 and keeps a Buy rating on the shares. The firm’s survey of nearly 2,000 consumers to gauge current attitudes about buying a used car entirely online and their opinion of industry-leader Carvana in particular revealed findings that were almost uniformly positive across key measures, the analyst tells investors in a research note. At the industry level, the percentage of consumers who are open to buying a car entirely online increased by a factor of 1.5x from June to December, and that change alone adds 3.5M-4M units to Carvana’s serviceable market, the firm added.