Jefferies Raises Carvana (CVNA) PT to $315, Maintains Hold Rating

On June 5, Jefferies analysts reiterated a ‘Hold’ rating on Carvana Co. (NYSE:CVNA) but hiked their price target to $315 from $280. The adjustment follows a recent analysis using web scraping techniques. The analysis indicated that the company’s retail units have grown by 47% year-over-year through May 10.

Jefferies Raises Carvana (CVNA) PT to $315, Maintains Hold Rating

Based on historical seasonality, the robust growth is expected to moderate at 43% in the second quarter. The 43% growth rate would be a significant drop from the 55% year-over-year growth expected. Jefferies analysts remain cautious; therefore, the Hold rating. The prudent approach is in response to potential market fluctuations.

Carvana (CVNA) is an online used car retailer that allows customers to buy and sell vehicles entirely online. It offers a wide range of pre-owned cars, generally from the last 10 model years, and provides various services like financing, insurance, and protection plans.

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Disclosure: None.