Carvana Receives a Downgrade From Jefferies
<p><a href='https://financialmodelingprep.com/financial-summary/CVNA'>Carvana (NYSE:CVNA)</a> was downgraded by Jefferies analysts, who expressed skepticism about the company's current situation and asserted that Wall Street's estimates are overly optimistic.</p>
<p>The analysts downgraded their rating from Hold to Underperform and significantly lowered the price target from $55 to $30 per share. The analysts' rationale for the downgrade lies in the belief that the consensus is overestimating the sustainability of the recent surge in profitability, which the analysts attribute to temporary tailwinds that are expected to diminish in the upcoming quarters. Despite assuming that per unit economics will remain better than pre-pandemic levels, the analysts’ revised 2024 GPU/EBITDA estimates are considerably lower than the Street's projections.</p>

NYSE:CVNA