Carvana price target raised to $80 from $60 at Wedbush

Wedbush raised the firm’s price target on Carvana to $80 from $60 and keeps a Neutral rating on the shares. The firm leans positive on Carvana into Q1 2024 earnings on Wednesday, May 1st. Wedbush believes retail unit sales have accelerated to a pace of 91k+ per quarter as the company ramps its advertising, appeals to affordability-focused customers, and builds staffing to support higher volumes. Stronger tax season demand in February and most of March also benefited Carvana, but importantly the firm believes that the company’s sales strength has persisted through April despite industry growth slowing with tax season winding down.