RBC Capital Markets, with Analyst Brad Erickson leading the evaluation, has upgraded its rating on Carvana, an automobile e-commerce platform, to sector perform from underperform, citing a brighter outlook for the company. The firm has also raised its price target for Carvana to $90 from $45. This upgrade reflects a significant shift in the firm's view of Carvana's potential, aligning with a broader sentiment that the bear case for Carvana is becoming increasingly unprovable. Following the upgrade, Carvana's stock experienced a notable breakout.
Carvana’s Stock Has Rocketed. The Bear Case Is ‘Increasingly Unprovable.’ https://t.co/VSzJ5QPsTf
$CVNA sweet breakout today https://t.co/FSfNkYrDxU
$CVNA | RBC upgrades Carvana to Sector Perform from Underperform and raises the PT to $90 from $45.
As RBC upgrades Carvana from Underperform… An excerpt from Carvana: Illuminating the Path (6/1/23) https://t.co/IvsMKrdfYP
$CVNA RBC upgrades Carvana to sector perform from underperform RBC Capital Markets is betting that a bright outlook could push Carvana higher from here. The firm upgraded shares of the automobile e-commerce platform to sector perform from underperform. Analyst Brad Erickson…