Carvana price target raised to $330 from $300 at Needham

Needham analyst Chris Pierce raised the firm’s price target on Carvana (CVNA) to $330 from $300 and keeps a Buy rating on the shares. The firm is citing positive used auto dynamics potentially driving Q4 GPU – Gross Profit per Unit – upside, on top of the expected unit upside given the data, the analyst tells investors in a research note. Used retail sales continue to be strong and wholesale market data has consistently shown lower than normal levels of depreciation quarter to date, with both lower days to sale and slower levels of vehicle depreciation tailwinds for Retail GPU, the firm adds. Needham is also raising its FY25 EBITDA view on Carvana to $1.85B from $1.72B.