Morgan Stanley analyst Adam Jonas upgraded Carvana (CVNA) to Equal Weight from Underweight with a price target of $260, up from $110. Q3 results were “far stronger than expected and largely justify the stock’s re-rating,” says the analyst, who adds that the firm’s previous $220 bull case is “playing out.” The current price discounts a quadrupling of retail share to 4% and adjusted EBITDA margins near 12%, which the firm believes is “largely achievable.”
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