Carvana price target raised to $60 from $35 at Baird

Baird raised the firm’s price target on Carvana to $60 from $35 and keeps a Neutral rating on the shares. The firm said Carvana is in a meaningfully better position operationally versus 1-2 years ago, including greater than$1 billion in annual expense cuts in addition to process improvements across the organization. Recognizing the debt service obligations in years ahead, Baird expects management to shift back towards unit growth providing another test of the platform’s resiliency.