CVNA - Why Carvana Stock Just Raced Ahead 13%
2024-03-08 12:32:25 ET
Investors in online used car superstore Carvana (NYSE: CVNA) are having kind of a terrific day on Friday.
Investment bank RBC Capital Markets just doubled its price target on Carvana shares to $90 per share, and removed its sell rating on the stock, rerating the stock "sector perform." Markets responded immediately -- and Carvana stock is up 13.1% through 10:55 a.m. ET.
Up until today, RBC had insisted that Carvana was uninvestible, and predicted the stock would lose half its value, falling to $45 per share. The problem with that thesis, though, is that too many people agree with it, as explained in a StreetInsider.com write-up today.
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Why Carvana Stock Just Raced Ahead 13%