Evercore ups Carvana target, adds to ‘Tactical Outperform’ list

Evercore ISI raised the firm’s price target on Carvana (CVNA) to $285 from $250 and keeps an In Line rating on the shares. The firm also added the shares to its “Tactical Outperform” list. The analyst sees upside to the $280-$290 share range, with a view that Carvana will report a “solid” Q4 “beat and raise” for both retail used units sold and EBITDA. Carvana will provide a “constructive” guidance of around 25%-30% retail used unit growth in 2025, north of the Street’s current 21.7% outlook, the analyst tells investors in a research note. Evercore believes industry demand is off to a strong start into early 2025, with firm pricing.