Carvana stock gains after Evercore ISI lifts price target

Market Domination hosts Josh Lipton and Alexandra Canal examine Carvana (CVNA) stock after Evercore ISI analysts raised their price target on the online used car retailer to $157 per share from $142. The analyst team says that the company is well-positioned for growth in the used car space.

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This post was written by Naomi Buchanan.

Video transcript

Now let's get to some calls of the day sponsored by tasty trade ever core raising its price target are on car on a shares from 142 bucks to 157.

The note highlights the company is well positioned for growth in the used car space, calling out a quote positive catalyst path for the next 1.5 months, which could include a potential be and raise for the third quarter.

Now, the analyst Michael Montan, he met with Car and CFO last week, which is really the catalyst for this price target raise that we're seeing.

And during that meeting, Montan, he said that the leadership team is focused on quote, delivering a great customer experience to drive sustainable share gain while eliminating pain points along the way.

And this is really a big vote of confidence for a name like Carvana.

Remember back in December 2022 Carvana was actually Yahoo Finance is worst company of the year.

However, we seen shares really climb back here over the past year.

It's up around 200% same with those year to date gains and the stock currently has eight buys on the street 13 holes and just three cells.

Yeah, and LC is a long runway.

He told clients for efficiency gains across its PNL margin benefit.

He talks about for improvements in advertising efficiency as they scale up.

The business price target goes to 157 average target on the street is 155 for Bloomberg.