UPDATE: Carvana (CVNA) PT Lowered to $80 at Needham & Company

Needham & Company analyst Chris Pierce lowered the price target on Carvana (NYSE: CVNA) to $80.00 (from $121.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating on CVNA, but lower our price target to $80 after updating our model and burn rate assumptions. We have been advocating a safety first posture, but have now gotten to the point where CVNA is more intriguing as we think our burn rate assumptions are more likely to have near term upside vs downside given our 2Q estimates are still well below consensus, and we give CVNA minimal credit for their new operating plan. We also highlight a further source of cash that should be on the table in our view. Our $80 target represents 20x our '24 adj EBITDA estimate, or 10x our '26 estimate discounted back at a 15% rate."

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