Chart of Day: Carvana (CVNA) – 3/11

Carvana (CVNA) is on fire.

After being left for dead months ago, the stock is roaring higher.

And it could see higher highs.

Analysts at Raymond James upgraded the stock to a Market Perform rating after recent earnings saw CVNA inching closer to profitability. In its fourth quarter, Carvana posted a total gross profit per unit of $5,283, a $3,063 jump year over year. Also, in its current quarter, Carvana expects to see adjusted EBITDA “significantly” above $100 million.


“While 4Q23 was in line with our expectations, we are raising our 2024 adj. EBITDA forecast to reflect better-than-expected GPU trends QTD in 1Q24,” added Raymond James, as quoted by Seeking Alpha.

From its current price of $85.86, we’d like to see CVNA closer to $100.

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