Citi raised the firm’s price target on Carvana to $195 from $125 and keeps a Neutral rating on the shares. Citi’s retail unit tracking data suggests Carvana’s Q3 unit sales are tracking 2% above consensus at 107,800 units. The analyst increased unit and EBITDA projections for Q3 and beyond to reflect Carvana’s strengthening retail unit demand, growing inventory, and continued efficiency gains. Citi is “impressed” with Carvana’s expanding gross profit per unit via fundamental improvements across is operations and believes more gains are ahead. While “incrementally positive” on the shares as demand ramps and margins expand, with Carvana shares up 35% since September 10, the firm remains on the sidelines and would be opportunistic around any material pullback.