.September 12, 2024 2:48 PM

Stephens analysts have initiated coverage on Carvana (NYSE:CVNA) with an Overweight rating and a price target of $190, leading to a more than 5% increase in shares on Thursday. They see Carvana as a game-changer in the U.S. used vehicle retail market, with an innovative digital approach and centralized backend driving superior financial performance. Carvana is already the most profitable player in the used vehicle space on a per-unit basis and is expected to achieve profitability on an EBITDA basis by the end of the year, despite holding only 1% market share. The company is making significant strides towards becoming a dominant retail force in the U.S.