RBC Capital raised the firm’s price target on Carvana (CVNA) to $320 from $280 and keeps an Outperform rating on the shares. The company’s Q4 results were fundamentally solid with retail unit, GPU and EBITDA upside, even though the $913M ATM offering raise caught investors off guard, the analyst tells investors in a research note. RBC adds however that Carvana is ramping inventory, and upward revisions to unit estimates are the likeliest way forward.
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