Carvana upgraded to Buy from Hold at Jefferies

Jefferies upgraded Carvana (CVNA) to Buy from Hold with a price target of $475, up from $385 The firm says the results of its consumer survey, web scape, and capacity analysis suggest Carvana will continue to deliver elevated growth and upside to consensus estimates. In addition, the company’s fixed cost leverage will help supplement its revenue growth, supporting further expansion in unit economics and “peer-high” EBITDA growth, the analyst tells investors in a research note. Jefferies believes Carvana is best positioned to benefit from a “nascent shift to digital in the massive $800B used car market.”