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Carvana price target lowered to $49 from $140 at DA Davidson
DA Davidson analyst Michael Baker lowered the firm's price target on Carvana to $49 from $140 and keeps a Neutral rating on the shares. The company's Operating Plan update released on Friday outlined more detail on their near term plan for EBITDA profitability, which is quicker than what is in the consensus forecast, and also re-emphasized that its near term volumes have improved, the analyst tells investors in a research note. Baker adds that his price target cut reflects near term industry concerns, but also views the overall tone from the presentation as positive