Barrington Sticks to Their Buy Rating for Carvana Co

In a report released today, Gary Prestopino from Barrington maintained a Buy rating on Carvana Co (NYSE: CVNA), with a price target of $26. The company’s shares closed on Friday at $25.47.

Prestopino wrote:

“We believe Carvana has significant long-term growth potential in the used vehicle market. According to NADA (National Automobile Dealers Association), there were approximately 29 million used vehicles sold at dealerships in 2017 with 39 million when private transactions are included. Carvana has sold 44,252 used vehicles in 2017 representing slightly more than 0.11% of the total used vehicle market.”

According to TipRanks.com, Prestopino is a 2-star analyst with an average return of 1.0% and a 43.9% success rate. Prestopino covers the Services sector, focusing on stocks such as Kar Auction Services Inc, Student Transportation, and Liquidity Services.

Currently, the analyst consensus on Carvana Co is Moderate Buy and the average price target is $27.14, representing a 6.6% upside.

In a report issued on April 26, Citigroup also maintained a Buy rating on the stock with a $36 price target.

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The company has a one-year high of $31.35 and a one-year low of $8.85. Currently, Carvana Co has an average volume of 746.9K.

Based on the recent corporate insider activity of 13 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.