Carvana poison pill suggests board’s defensive stance, says Raymond James

Raymond James analyst Mitch Ingles tells investors in a research note that Carvana announced on Tuesday morning the adoption of a Rights Plan, intended to preserve the ability to use its net operating loss carryforwards. Ingles, who made no change to the firm’s Market Perform rating, says the timing of the announcement isn’t that surprising, and does suggest a more defensive stance by Carvana’s board, and likely eliminates any potential future institutions from gaining ownership control.