BofA Securities analyst Mike McGovern maintains $Carvana (CVNA.US)$ with a buy rating, and adjusts the target price from $185 to $210.
According to TipRanks data, the analyst has a success rate of 57.4% and a total average return of 4.8% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Carvana (CVNA.US)$'s main analysts recently are as follows:
The firm has adjusted its EBITDA forecasts for Q3 and Q4 upwards due to marginally higher unit projections, which are the result of improved trends in the used vehicle sector and an enhanced selection of inventory. Additionally, the excess spreads on asset-backed securities deals have surpassed expectations. It is believed that there remains a potential for estimates to increase, and it is observed that with each passing quarter, Carvana's competitive edge in the market becomes more pronounced.
Analysts perceive a limited risk for Carvana's Q3 Other GPU and a modest risk for Q4. Current projections for Q3 unit sales have been adjusted to 108,100, an increase from the previous estimate, and slightly above the consensus. This outlook is based on the observed uptick in website traffic and a higher conversion rate, which may be due to an expanded inventory, reduced average selling prices, and slightly lower loan APRs, enhancing affordability. The recent three-day port strike is not expected to have a significant impact, and while Hurricane Helene may have temporarily affected sales in the Southeast at the quarter's end, it is anticipated that these sales were deferred to October.
Note:
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