Carvana's growth runway turns discounted shares into a buy -- Wedbush
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Wedbush upgraded Carvana (CVNA) to Outperform, citing its potential to become a market leader in the used car space by 2026. Despite a recent 13% share drop, Wedbush sees limited downside and compelling risk/reward. Analyst Scott Devitt raised Carvana's target price to $400, expecting 45.6% revenue growth in 2023 and a 12% adjusted EBITDA margin by 2027. Carvana's recent results showed record revenue and a 61% profit increase, but shares fell due to compressed margins. Devitt anticipates Carvana surpassing CarMax in unit volume earlier than expected.
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