Carvana (NYSE:CVNA) stock is on the move Friday as analysts weigh in on the used-car retailer following its latest earnings report.
To summarize that earnings report, results were mixed with adjusted earnings per share of -69 cents alongside revenue of $2.77 billion. For comparison, Wall Street was expecting adjusted EPS of -78 cents on revenue of $2.79 billion.
Adding to this earnings report is a warning from Carvana concerning its Q4 outlook. The company says it expects a sequential decline in retail units sold. It pins this on industry and seasonal patterns.
Let’s get into what these earnings results have analysts saying about CVNA stock below!
CVNA Stock Analysts’ Opinions
- Morgan Stanley reiterated its “underweight” rating for CVNA stock today.
- DA Davidson dropped its price target for Carvana shares from $60 each to $35 each.
- Wells Fargo also lowered its price target for the stock from $50 per share to $40 per share.
- Citi, TD Cowen and Needham also reiterated their ratings for the company’s shares.
CVNA stock is up 9.3% on Friday with its latest earnings release. The company’s shares have seen 7.6 million units change hands as of this writing. That’s closing in on its daily average trading volume of about 8.7 million shares.
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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.
