Carvana (CVNA) PT Raised to $230 at Piper Sandler on Growth Potential

Piper Sandler analyst Alexander Potter raised the price target on Carvana (NYSE: CVNA) to $230.00 (from $225.00) while maintaining a Overweight rating.

The analyst commented: "March Datasets Imply Solid Q1 and Good 2H25 Setup; We are reiterating our Overweight rating following a review of several used vehicle datasets, which we have updated to reflect Q1 figures (see pages 2-10). Used vehicle sales rose by double-digits y/y in March, presumably due to trade-ins and a flood of pre-tariff car buying activity. We think the frenzy has probably continued in April, but vehicle inventory, both new and used, is waning rapidly. Soon, we think price increases will likely materialize. As long as automotive credit keeps flowing, we think Carvana will continue growing unit sales, even if higher prices prompt lower market-wide transactions. We are boosting our price target to $230, up from $225, due to a modest increase in near-term estimates."

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