BTIG reiterated a Buy rating and $295 price target on Carvana (CVNA) after the company amended its Master Purchase and Sale Agreement with Ally Financial (ALLY) last Friday, extending it until January 2, 2026. The firm noted that a major part of a recent short thesis was focused on how Ally may be concerned about the credit quality of Carvana’s finance receivables and how large it was as a percentage of Ally’s book, with the renewal demonstrably countering those concerns. The analyst added that such recent developments have given the firm incremental confidence in its position, as it has “poked at least one hole” in the short thesis.
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