Carvana (CVNA) PT Raised to $60 at DA Davidson

DA Davidson analyst Michael Baker raised the price target on Carvana (NYSE: CVNA) to $60.00 (from $18.00) while maintaining a Neutral rating.

The analyst comments "CVNA has completed Step 1 of their turnaround and is well on their way to completing Step 2. On better footing than a year ago due to a shift in focus on profits versus top line and now with a favorable capital restructuring and some signs of better industry trends (or at least less worse), the key question for CVNA investors is when does the company return to growth mode. This is particularly so as the stock price rebound now seems to demand top line increases at some point. We know, and the CEO acknowledges, that a renewed focus on growth is coming, the question is when. We believe watching inventory trends will be the key tell. We retain our NEUTRAL rating and raise our price target to $60 from $18, using 1.5x our 2024 sales estimate."

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