1425 ET - Carvana's 4Q results brought the company's fourth straight upside surprise on its Ebitda margin--as well as its fourth consecutive quarter of double-digit retail unit growth. These numbers impressed Morgan Stanley analyst Adam Jonas, who upgrades the stock to overweight and raised its price target to $280, up about 30% from Monday's closing price. Jonas said Carvana has overcome its high balance-sheet leverage with robust free cash flow that has brought its ratio in line with franchise-dealer peers and Carmax, despite exposure to a lower strata of auto credit. Jonas believes the quarter makes a "strong case for the company to have proven profitable growth is more than just a temporary phenomenon." Shares rise 3.1%. (sarina.isaacs@wsj.com)
(END) Dow Jones Newswires
March 25, 2025 14:25 ET (18:25 GMT)
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