Morgan Stanley Downgrades Carvana to Underweight, Raises Price Target to $35
Portfolio Pulse from richadhand@benzinga.com
Morgan Stanley analyst Adam Jonas has downgraded Carvana (NYSE:CVNA) from Equal-Weight to Underweight, while raising the price target from $12 to $35.
July 27, 2023 | 9:11 am
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NEGATIVE IMPACT
Carvana's stock has been downgraded to Underweight by Morgan Stanley, which could negatively impact its stock price. However, the raised price target may offset this to some extent.
The downgrade to Underweight suggests that Morgan Stanley believes Carvana's stock is expected to underperform compared to other stocks. This could lead to a decrease in the stock price. However, the raised price target from $12 to $35 indicates a positive outlook on the company's future performance, which could potentially offset the negative impact of the downgrade.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100