DA Davidson analyst Michael Baker keeps a Neutral rating and $35 price target on Carvana after joining its management for a tour of one of their 17 Inspection and Reconditioning Centers. The tour showcased Carvana’s scale and efficiency improvements as they look to continue shedding costs and growing the profits on each vehicle they sell, though the market likely needs to see the company return to growth mode before the stock can move anywhere close to past highs, the analyst tells investors in a research note.
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