10 Best-Performing S&P 500 Stocks in the Last 2 Years

8. Carvana Co. (NYSE:CVNA)

On March 2, Carvana Co. (NYSE:CVNA) presented at the Morgan Stanley Technology, Media & Telecom Conference 2026, outlining its strategic roadmap, given both opportunities and challenges. The conference featured CEO Ernie Garcia, who highlighted the company’s growth ambitions, navigated operational challenges, and discussed the changing automotive market landscape.

While targeting 3 million unit sales and a 13.5% Adjusted EBITDA margin within 4 to 9 years, Carvana Co. (NYSE:CVNA) is massively investing in electrification, focusing on systems for reconditioning and charging electric vehicles. The company’s main operational hurdles include reconditioning expenses, with steps being taken to improve efficiency.

Looking ahead, Carvana Co. (NYSE:CVNA) is working towards broadening its Total Addressable Market (TAM) and exploring vertical integration carefully. Management believes that the company is currently in a great spot, and can even get better in the times ahead. As said by Garcia,

“We think that we’ve got tons of cushion to be in a good spot in tough environments. I think there’s still room for lots of fundamental gains, some of which are, I think, very straightforward and easy for investors to buy into, and some of which are less straightforward, but we’ll be working on both types.”

Separately, the company has recently seen several downward price target revisions by analysts following its weaker-than-expected earnings report. These revisions included lowering the target to $490 from $510 by JPMorgan analyst Rajat Gupta, and to $400 from $460 by BofA analyst Michael McGovern, both of whom maintained their Buy or equivalent ratings on February 19.

Carvana Co. (NYSE:CVNA) is an Arizona-based e-commerce platform that deals in the buying and selling of used cars. Founded in 2012, the company offers vehicle acquisition, inspection, and reconditioning, financing, and post-sale customer support services, among others.