Carvana price target lowered to $21 from $45 at Piper Sandler

Piper Sandler analyst Alexander Potter lowered the firm’s price target on Carvana to $21 from $45 and keeps an Overweight rating on the shares. The analyst slashed estimates but does not think Carvana will go bankrupt. "The binary nature of this thesis keeps us Overweight," writes Piper. Cars are becoming "unattainably expensive," due to costlier debt and a shift toward electrification, the analyst contends. Piper thinks looser supply chains and post-COVID deflation "probably cannot rectify this."