DA Davidson Removes Carvana (CVNA) from STAMPEDE List

DA Davidson analyst Michael Baker reiterated a Neutral rating and $220.00 price target on Carvana (NYSE: CVNA).

The analyst comments "We track used retail unit data for each of the major traditional franchise auto dealers as well as CarMax as a leading indicator. In addition, we track CVNA’s available inventory, which has also proven to be an accurate predictor of CVNA results. Both of these leading indicators are showing positive trends in front of CVNA’s report on Wednesday. This suggests that CVNA is likely to see accelerating growth in 4Q24. That’s the good news. The risk is that that is already in consensus estimates and a rich valuation demands more beats and raises. Along with this report, we are removing Carvana from our special situations S.T.A.M.P.E.D.E. product as we no longer see the Hindenburg Research short report situation as a catalyst. We reiterate our NEUTRAL rating and our $220 price target, based on 23x our 2026 EBITDA estimate."

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 $285.33 yesterday.

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