What's Going On With Carvana Stock?
Portfolio Pulse from Adam Eckert
Carvana Co (NYSE:CVNA) shares experienced volatility following an analyst upgrade from Jefferies, changing from an Underperform to a Hold rating with a price target increase from $30 to $85. The company's strong fourth-quarter financial results and vehicle sales have contributed to a significant year-to-date stock price increase of nearly 50%, and over 1,000% over the past year. Despite a recent short report from Kerrisdale Capital suggesting a much lower value, the average analyst rating remains Neutral with a consensus price target of $29.85.
March 12, 2024 | 1:49 pm
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Carvana's stock experienced volatility with an upgrade from Jefferies and a significant price target increase, amidst strong Q4 results and a notable year-to-date stock price surge.
The upgrade by Jefferies, combined with strong Q4 financial results and a significant increase in the stock price year-to-date, suggests a positive short-term outlook for CVNA. However, skepticism from short sellers like Kerrisdale Capital introduces volatility, making the exact trajectory uncertain but leaning towards positive due to recent performance and analyst support.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100