Carvana price target raised to $29 from $21 at Piper Sandler

Piper Sandler analyst Alexander Potter raised the firm’s price target on Carvana to $29 from $21 and keeps an Overweight rating on the shares. The analyst says automotive e-commerce stocks have been “standout performers” in 2023. Cyclical considerations are likely at play, with investors expecting a rebound after widespread car factory shutdowns in 2020-2022, the analyst tells investors in a research note. The firm says beat-and-raise quarters seem likely in Q2, and driving its estimates and targets higher. Carvana, which Piper calls a “unique case,” is the firm’s only Overweight-rated stock in the group.