Carvana price target raised to $230 from $185 at JPMorgan

JPMorgan raised the firm’s price target on Carvana to $230 from $185 and keeps an Overweight rating on the shares. The firm increased Q3 and Q4 EBITDA estimates to reflect slightly higher unit assumptions, driven by better used industry trends and increased inventory selection, and better than expected excess spreads on asset-backed securities deals. JPMorgan continues to see upside risk to estimates and says that with every quarter, Carvana’s “business moat continues to widen.”