BofA reinstated coverage of Carvana with a Buy rating and $185 price target. The firm thinks the “leading seller of used cars Online” is well positioned for sustained long-term growth in a fragmented market that is recovering as prices normalize, car supply returns, and rates begin to fall, the analyst tells investors. The firm expects Carvana can maintain recent improvement in unit economics as well as leverage with efficiency gains and a relatively large fixed-cost base as growth accelerates, the analyst added.
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