Carvana Co (NYSE:CVNA) shares rallied in early trading on Thursday, after the company reported on Wednesday positive second-quarter earnings.
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The announcement came amid an exciting earnings season. Here are some key analyst takeaways.
BofA Securities On Carvana
Analyst Michael McGovern maintained a Buy rating, while lifting the price target from $375 to $425.
Carvana reported revenues of $4.84 billion and EBITDA of $601 million, beating Street estimates of $4.58 billion and $553 million, respectively, McGovern said in a note. The company’s units sold grew 41% year-on-year to 143,000, coming in 1,600 above consensus, he added.
Management guided to a “sequential increase” in units in the third quarter, the analyst stated. While the full-year EBITDA guidance of $2-$2.2 billion came in-line with expectations, this “shows confidence in stable 2H margins,” …