We recently published a list of Pulse of The Market: Tuesday’s 10 Top Performers. In this article, we are going to take a look at where Carvana Co. (NYSE:CVNA) stands against other Tuesday’s top performers.
A lackluster trading persisted on the stock market on Tuesday, with all major indices finishing in the green territory, but eked out only slight gains.
The tech-heavy Nasdaq rallied the most, up 0.46 percent, followed by the S&P 500 with 0.16 percent, and the Dow Jones with a marginal 0.01 percent.
Despite the muted trading, investors poured funds into several companies, pushing their prices to achieve modest gains. In this article, we listed the 10 top performers today and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
A customer buying a used car with the help of a finance specialist.
Carvana Co. (NYSE:CVNA)
Carvana extended its winning streak for a fifth day on Tuesday, adding another 3.76 percent to close at $221.66 after Morgan Stanley posted a bullish outlook for the company, saying it could become the “Amazon of auto retail.”
In its market note, Morgan Stanley upgraded CVNA’s stock rating to “overweight” from “equal weight” previously, and raised its price target to $280 from $260. The new price represented a 26.3-percent upside from its latest closing price.
According to the analyst, the company’s recent slide from its peak of $285.33 could present “a unique opportunity for investors to gain exposure to a leader in auto retail and fleet fulfillment.”
Additionally, Morgan Stanley said its analysts’ recent tour of a Carvana facility in Florida reinforced the firm’s competitive advantages with vertical integration and scale.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires
This article is originally published at Insider Monkey.