In a report released yesterday, Sameet Sinha from B.Riley FBR assigned a Buy rating to Carvana Co (NYSE: CVNA), with a price target of $38. The company’s shares opened today at $36.04, close to its 52-week high of $36.55.
Sinha noted:
“We expect the company to open 6-7 VMs in 2018, mostly focused on the 2016 cohort (12 markets; 4 VMs so far) and driving market share gains in that cohort. Momentum from VM opens is a key driver of our projected share gain for CVNA from 0.2% in 2017 to 1.2% in 2020. Our $38 PT is based on 8.5x 2020 GP , in line with KMX.”
According to TipRanks.com, Sinha is a 4-star analyst with an average return of 6.0% and a 53.8% success rate. Sinha covers the Technology sector, focusing on stocks such as Digital Turbine Inc, Limelight Networks, and Alphabet Inc.
Carvana Co has an analyst consensus of Moderate Buy, with a price target consensus of $30.71.
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The company has a one-year high of $36.55 and a one-year low of $12.13. Currently, Carvana Co has an average volume of 978.7K.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is negative on the stock.
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Carvana Co. is a holding company and an eCommerce platform, which engages in the buying of used cars and provision of different and convenient car buying experience. It operates through the following segments: Vehicle Sales; Wholesale Vehicle Sales; and Other Sales and Revenue. The Vehicle Sales segment consists of used vehicle to customers through website.
