JPMorgan keeps $350 target on Carvana after ‘largely in-line’ Q4

JPMorgan keeps an Overweight rating on Carvana (CVNA) with a $350 price target following a “largely in-line” Q4 report. The big focus for investors in the quarter was retail gross profit per unit, and while results were in-line with guidance, investor expectations were “mis-calibrated,” likely due to the “rapid progress and upside surprise” seen through 2023 and 2024, the analyst tells investors in a research note. The firm believes the company’s “opportunistic” capital raise provides flexibility. Carvana’s Q4 showed solid execution across the board, contends JPMorgan.