Shares of online used-car retailer Carvana Co. (CVNA) soared 6.46% in intraday trading on Tuesday, regaining ground after a recent sell-off triggered by a short-seller report. The stock's rebound was fueled by bullish analyst commentary dismissing the allegations and citing Carvana's growth potential.
RBC Capital Markets upgraded Carvana to Outperform from Sector Perform, raising its price target to $280 from $270. Analyst Brad Erickson stated that the firm sees the controversial pullback as an opportunity, as they believe Wall Street is underestimating Carvana's ability to expand market share profitably and grow its commercial/fleet business.
Erickson also highlighted Carvana's recent agreement with Ally Financial to sell up to $4 billion in automotive finance receivables over the next year, assuaging concerns over the company's loan origination practices raised by the short-seller report from Hindenburg Research.
Other analysts, including Needham, maintained their bullish ratings and price targets on Carvana, suggesting the short-seller concerns were overblown. Needham reiterated its $330 price target, citing the company's strong momentum following the controversy.
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