.September 16, 2024 Monday 02:10:00 PM

Carvana (NYSE:CVNA) shares surged over 7% after Evercore ISI analysts raised their price target to $157 from $142, maintaining an In Line rating. The analysts predict the stock could trade between $155-$160 leading up to the company’s third-quarter earnings release. They are optimistic about upcoming catalysts such as the State of the Used Car Industry event with Cox Auto on September 16 and CarMax’s results on September 26. Carvana’s Q3 earnings report is expected in late October or early November.

Analysts anticipate positive commentary on Carvana’s consumer base, margin improvement strategies, and long-term growth outlook for market share and profitability. Despite concerns over credit quality, analysts believe Carvana is less likely to face significant credit issues due to tightened lending practices. Carvana continues to lead in web traffic generation, surpassing competitors who have seen a decline. The company’s strong performance and upcoming events are driving investor confidence in its future prospects.