Carvana price target raised to $60 from $50 at Wells Fargo

Wells Fargo analyst Zachary Fadem raised the firm’s price target on Carvana to $60 from $50 and keeps an Equal Weight rating on the shares. While Q4 units fell short of expectations, the firm sees a constructive update with another EBITDA beat, bullish Q1 outlook, and unit inflection on deck, the analyst tells investors in a research note.