Carvana price target raised to $250 from $175 at Wells Fargo

Wells Fargo raised the firm’s price target on Carvana (CVNA) to $250 from $175 and keeps an Overweight rating on the shares. Despite Carvana’s outperformance, the firm leans long into Q3, and sees potential unit/adjusted EBITDA upside with signs of improving fundamentals and ramping inventory selection. Broad-based GPU opportunities remain and share gain potential is in its early days, Wells argues.