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Carvana upgraded to Equal Weight from Underweight at Morgan Stanley
The Fly

Carvana upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Adam Jonas upgraded Carvana (CVNA) to Equal Weight from Underweight with a price target of $260, up from $110. Q3 results were “far stronger than expected and largely justify the stock’s re-rating,” says the analyst, who adds that the firm’s previous $220 bull case is “playing out.” The current price discounts a quadrupling of retail share to 4% and adjusted EBITDA margins near 12%, which the firm believes is “largely achievable.”

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