Vroom price target lowered to $1.10 from $1.30 at Jefferies

Jefferies analyst John Colantuoni lowered the firm’s price target on Vroom (VRM) to $1.10 from $1.30 and keeps a Hold rating on the shares. Recent press reports indicate that a group of the Carvana’s (CVNA) bondholders that collectively hold $4B, or 70%, of its unsecured debt have signed a cooperation agreement and Colantuoni thinks Carvana’s potential restructuring could signal a further deterioration in the operating environment for used auto e-commerce, he tells investors.