.August 1, 2024 11:55:37 AM

Carvana Co. (NYSE:CVNA) experienced a significant 33% increase in car sales in Q2 2024, selling 101,440 vehicles. This surge in sales showcases the company’s strong position in the online used car market and its ability to meet consumer demand efficiently.

The inclusion of Carvana in the Zacks Rank #1 (Strong Buy) List highlights analysts’ confidence in the company’s potential for further growth and its strong market position. This recognition is based on recent earnings performance and future earnings expectations.

Analyst opinions on Carvana’s future stock trajectory vary, with Morgan Stanley setting a price target of $110, indicating a potential downside, while BTIG upgraded its rating to Buy with a price target of $188. These differing views reflect the dynamic nature of the stock market and investors will closely monitor Carvana’s performance in the coming months.