Stephens analyst Jeff Lick initiates coverage of online used car retailer Carvana (CVNA) with an Overweight rating and price target of $190 per share. Carvana’s stock has skyrocketed by over 160% year-to-date in 2024 alone.
Market Domination anchors Julie Hyman and Josh Lipton report on Lick’s analyst note that labels Carvana as “the next US retail category killer.”
For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
This post was written by Luke Carberry Mogan.
Video Transcript
Stevens initiating coverage on Carvana with an overweight rating at price target 190 note signing the company’s transformation of a used vehicle retail market.
This is a very upbeat note.
When you read this note, you start patting the table.
That’s the kind of note this is uh uh ri right circumstances they say right, business model, right?
Management team, I like he does note uh this talk, this has been monster.
It’s, I mean, we’re more than 100 and 60% already this year.
He acknowledges that he says, you know what I go, I get it.
It’s not an ideal entry point.
But he’s also saying, listen, my estimates are above the street.
We believe uh the Carvana has reached an inflection point in the early stages of becoming the US used vehicle category killer.
Oh, darn.
I want, I wanted to read that I was taking the picture.
Ok.
So I’ll tell you what he says.
They’re similar to Home Depot, Ulta and Chipotle are what he’s likening it to as that category killer.
He points out that the company only has 1% market share.
So that’s one of the other reasons is he optimistic for more upside.
He’s setting the price target $50 above where it is today.
Even with that increase at $190 a share.
So a lot of bullishness.