Carvana
When Carvana shares dipped lower in after-hours trading following its earnings release, Wells Fargo analyst Zachary Fadem was taken aback, noting we are scratching our heads. The online used car retailer, which has fallen 24% in the last three months, reported better-than-expected retail unit growth and beat his GPU estimate by 6%. It also posted a 50% narrower EBITDA loss than previously expected.
As such, Fadem reiterated a Buy rating. In addition, he left the $340 price target as is, suggesting 50% upside potential.
Fadem commented, CVNA continues to fire on all cylinders as average weekly units stepped up by +1,600/week (vs. +600-700 in Q3/Q4) suggesting throughput bottlenecks are alleviating, demand remains elevated and underlying business productivity is also tracking better-than-expected.
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