Carvana downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Brian Nagel downgraded Carvana (CVNA) to Perform from Outperform without a price target. The analyst remains optimistic about longer-term prospects for Carvana and the company’s shares. That said, “significant nearer-term operational and financial risks” for Carvana have emerged and are likely to cloud the investment story for the foreseeable future, Nagel tells investors in a research note. He says Outperform-rated CarMax (KMX) represents his preferred play for intermediate- to longer-term oriented investors.