Baird Starts Carvana (CVNA) at Outperform; 'Amazon of Used Cars'

Baird initiates coverage on Carvana (NYSE: CVNA) with a Outperform rating and a price target of $15.00, calling it the "Amazon of used cars."

Analyst Colin Sebastian notes despite the secular expansion of e-commerce, used car retailing remains largely the domain of bricks-and-mortar dealers. Carvana, in their view, "represents one of the first legitimate, scalable retail models for direct-to-consumer online sales – combining vertical integration, auto-retail pedigree, technology-orientation, and “Amazon-like” focus on user experience – providing competitive differentiation and a large growth opportunity."

For an analyst ratings summary and ratings history on Carvana click here. For more ratings news on Carvana click here.

Shares of Carvana closed at $11.08 yesterday.

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