Carvana price target raised to $7 from $5 at DA Davidson

DA Davidson analyst Michael Baker raised the firm’s price target on Carvana to $7 from $5 and keeps a Neutral rating on the shares. The analyst notes that data from large public auto dealers suggest that used vehicle unit trends, average selling prices, and used vehicle revenue all showed a "notable" inflection point, and the metrics are suggesting that used vehicle unit declines improved after getting worse for the first three quarters of the year.