Barrington analyst Gary Prestopino downgraded Carvana to Market Perform from Outperform citing valuation with the shares hitting the midpoint of his prior $60-$65 target range. The downgrade does not reflect any issues related to the company’s fundamental outlook nor any issues related to used vehicle sales in North America, Prestopino tells investors in a research note. The analyst continues to believe Carvana has “significant long-term growth potential” in the used vehicle market.
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