Carvana Co (CVNA) Receives a Buy from Wells Fargo


Wells Fargo analyst Zachary Fadem maintained a Buy rating on Carvana Co (CVNA) today and set a price target of $85.

Fadem commented:

“We discussed the industry with Mark Jenkins, CFO of CVNA, and George Arison, Founder and Co-CEO of privately-held Shift, and came away bullish on the potential for accelerating consumer adoption of buying/selling cars online.”

According to TipRanks.com, Fadem is a 5-star analyst with an average return of 10.4% and a 68.2% success rate. Fadem covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Floor & Decor Holdings Inc, and Advance Auto Parts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Carvana Co with a $78.14 average price target.

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Based on Carvana Co’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $28.55 million. In comparison, last year the company had a GAAP net loss of $9.97 million.

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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.

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