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RBC Capital Markets upgraded Carvana Co (NYSE:CVNA) to Outperform from Sector Perform on Tuesday, citing sustainable momentum in unit sales and profits after the online used-car retailer’s “remarkable turnaround” last year.
Shares climbed 6.5% in early trading to $201.27, building on Monday’s gains after the company announced it had amended an agreement to reestablish a $4 billion commitment for automotive finance receivables.
The Carvana Analyst: Analyst Brad Erickson upgraded the rating for Carvana from Sector Perform to Outperform, while raising the price target from $270 to $280.
The Carvana Thesis: The …
Full story available on Benzinga.com
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