The post Analysts revise Carvana stock price targets appeared on BitcoinEthereumNews.com.

On October 30, Carvana (NYSE: CVNA), a leading e-commerce platform for purchasing and selling cars announced its Q3 2024 results. The earnings call blew analyst expectations out of the water — whereas consensus forecasts for earnings-per-share (EPS) were just $0.29, CVNA delivered $0.64 — revenues, likewise, beat expectations, coming in at $3.66 billion versus estimates of $3.45 billion. Gross profit per unit (GPU) was also a beat — coming in at an impressive $7,685. Poised to be a leader in a profitable space with a first mover advantage, and with this tailwind, CVNA stock price rose from $207.34 on October 30 to $251.70 in the premarket sessions at the time of writing — marking an impressive 24.88% surge that brought year-to-date (YTD) returns up to a staggering 407.99%. CVNA stock price daily and YTD charts. Source: Finbold Wall Street equity researchers have taken note — and Carvana stock received a slew of bullish, revised price targets. However, there is a faint hint that something might not be entirely on the level with the company’s earnings report. Wall Street turns bullish on CVNA stock Carvana vehicle sales rose by 34% year-over-year (YoY) — on top of that, EBITDA-adjusted margins rose by 6.4% to an automotive retailer industry-record of 11.7%. The biggest bullish catalyst for Wall Street researchers was guidance — previously, CVNA had forecast a range of $1 billion to $1.2 billion for 2024 — and although no exact figures were given, the report states that a result ‘significantly above the high end of the previously communicated range’ is expected. Adam Jones, an analyst with Morgan Stanley (NYSE: MS), opined that the earnings beat makes a strong case that the business has achieved ‘escape velocity’ in terms of profitable growth, solidifying the business as more than just a temporary phenomenon. Elsewhere,…

---

Filed under: News - @ October 31, 2024 1:26 pm