Shares of Carvana (CVNA) are accelerating — and could see higher highs.All after the company said it now expects to achieve adjusted EBITDA above $50 million in the second quarter of 2023. Better, “Carvana also expects its non-GAAP total gross profit per unit to come in above $6,000, representing a new company record and a more than 63% improvement compared to the same quarter last year.” Better, other analysts are just as bullish. 

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DA Davidson, for example, recently raised its price target to $18 from $7.  Citi raised its target to $25 from $11. And Wells Fargo raised its target to $15 from $10. For us, from current prices, we’d like to see CVNA again test $27 a share.

Sincerely,

Ian Cooper