Carvana (NYSE:CVNA) stock is getting a boost on Wednesday after JMP Securities analysts weighed in on the used-car retailer’s shares today.
The big news here is JMP Securities analyst Nicholas Jones raising his price target for CVNA stock from $25 per share to $50 per share. That represents a potential 40.6% upside from the stock’s prior close. It’s also well above the analysts’ consensus price target of $32.61 per share.
Additionally, the JMP Securities analyst also reiterated its “outperform” rating for the company’s shares. For the record, the analysts’ consensus rating for CVNA stock is “hold” based on 20 opinions.
Why the Bullish Stance on CVNA Stock?
Jones went over the strengths of Carvana in a note to clients. In it, the analyst highlights the potential for the used-car retailer to return to growth. He believes that its durable and positive EBITDA will be what allows that to happen.
As far as CVNA stock trading goes today, more than 13.5 million shares of the company’s stock have been traded. That’s still a ways off from its daily average trading volume of about 25.8 million shares.
No matter the case, investors are celebrating the positive rating and price target for CVNA stock today. This has the company’s shares climbing 9.7% higher as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
