Carvana price target raised to $135 from $80 at JMP Securities

JMP Securities raised the firm’s price target on Carvana to $135 from $80 and keeps an Outperform rating on the shares. Carvana’s Q1 results were solid, outperforming on the top and bottom lines, while facing inventory constraints, driven by strong customer demand, the analyst tells investors in a research note. The firm still believes the Street is under-appreciating Carvana’s ability to grow rapidly without a corresponding spike in costs as it benefits from fundamental gains in its operational structure.