Carvana price target lowered to $35 from $60 at DA Davidson

DA Davidson lowered the firm’s price target on Carvana to $35 from $60 and keeps a Neutral rating on the shares. The company’s retail units were down significantly on a year over year basis and versus other used vehicle retailers but, like others, the declines were less severe than last quarter, and did show sequential improvement in line with others, the analyst tells investors in a research note. It’s clear that Carvana’s strategy to shrink to profitability is working, the firm added.