Evercore ISI analyst Michael Montani raised the firm’s price target on Carvana to $10 from $9 and keeps an In Line rating on the shares after Carvana pre-announced Q1 results and shared plans for a debt swap to help restructure the balance sheet. Should debtors take the restructuring terms, Carvana should benefit from around $100M in reduced annual interest expense, estimates the firm, which said its target hike reflects less EBITDA pressure and a potentially enhanced capital structure with a possibly reduced interest expense burden.
Published first on TheFly
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