Carvana price target raised to $50 from $25 at JMP Securities

JMP Securities raised the firm’s price target on Carvana to $50 from $25 and keeps an Outperform rating on the shares, citing multiple expansion. The firm believes there is material upside to Carvana’s multiple as it progresses toward profitability, relative to its pre-pandemic average, and while it is not necessary for Carvana to raise capital, the higher the stock price goes, the easier it would be to raise capital while avoiding a significant dilutive event, the analyst tells investors in a research note.