UPDATE: Morgan Stanley Upgrades Carvana (CVNA) to Overweight, Sees >60% Upside
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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.
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