UPDATE: Morgan Stanley Upgrades Carvana (CVNA) to Overweight, Sees >60% Upside
- Wall Street slips off record highs, Tesla drops after fatal crash
- IBM (IBM) Tops Q1 EPS by 14c, Revenue Beats
- Tesla's (TSLA) Musk says data logs from crashed vehicle show Autopilot was not enabled, car did not purchase FSD
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
- GameStop (GME) CEO Gets the Axe as Ryan Cohen Continues to Make His Mark, Analyst Says Co. Will Likely Look to Tech Sector for New Hires
Morgan Stanley analyst Adam Jonas upgraded Carvana (NYSE: CVNA) from Equalweight to Overweight with a price target of $420.00 (from $225.00).
Jonas said while it may take several years before the company enters automotive and fleet management related end markets at scale, he doesn’t believe it's too soon for investors to consider the outcomes today.
The analyst said there are three primary drivers of the nearly doubling of the price target:
1) Higher market share and margin assumptions in the core used car business;
2) First time inclusion of the new car market opportunity; and
3) First time inclusion of a mega-fleet management opportunity
Shares of Carvana closed at $263.66 yesterday.
You May Also Be Interested In
- Deutsche Telekom (DTE:GR) (DTEGY) PT Raised to EUR23 at Morgan Stanley
- Vinci (DG:FP) (VCISY) PT Raised to EUR102 at Deutsche Bank
- Morgan Stanley Upgrades Dr. Reddy's Laboratories Ltd. (DRRD:IN) (RDY) to Overweight
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesMorgan Stanley
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!