Carvana price target raised to $70 from $58 at TD Cowen

TD Cowen raised the firm’s price target on Carvana to $70 from $58 and keeps a Hold rating on the shares. The firm expects thae company will return to revenue growth in 1Q24 as its 1% year-over-year and driven by their first year-over-year increase in retail units sold since 2Q22 while noting the company has yet to prioritize growth initiatives amid cost savings measures implemented following the post-pandemic slowdown.