Carvana price target raised to $70 from $65 at JPMorgan

JPMorgan raised the firm’s price target on Carvana to $70 from $65 and keeps a Neutral rating on the shares. The analyst expects Carvana’s Q1 EBITDA to come in at $180M, well ahead of consensus estimates of $122M, driven by strong volume growth, benefiting partially from partner inventory and strong commercial de-fleeting, as well as its ongoing efforts to return to growth while sustaining healthy unit economics. The firm continues to see meaningful upside to standing consensus estimates even beyond Q1. It believes Carvana’s “ongoing strong revision trajectory should be enough to support shares.”