What's Going On With Carvana Stock?
Portfolio Pulse from Adam Eckert
Carvana Co (NYSE:CVNA) shares are trading lower following a downgrade from Exane BNP Paribas analyst Chris Bottiglieri. The company's stock has surged more than 600% year-to-date. The downgrade comes after competitor Shift Technologies filed for bankruptcy. Carvana had also faced financing concerns and potential bankruptcy at the end of 2022 before staging a turnaround. The company has cut losses and beat analyst expectations over the last two quarters.
October 12, 2023 | 3:59 pm
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Carvana's stock is trading lower following a downgrade from Exane BNP Paribas. The company has surged 600% YTD but faced bankruptcy concerns in 2022.
The downgrade from Exane BNP Paribas is likely to have a negative impact on Carvana's stock in the short term. The company's past financial concerns and the recent bankruptcy of a competitor may also contribute to investor uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100