Carvana Shares Surge 8% as Jefferies Reiterates Buy Rating with $485 Target

Carvana Co. (CVNA) shares rallied nearly 8% following a bullish research note from investment bank Jefferies. The firm reiterated its 'Buy' rating on the stock, setting a price target of $485, which implies a substantial potential upside of 67%. Analysts highlighted that the optimism stems from retail unit growth that has exceeded initial market expectations early in the first quarter. Furthermore, improving pricing trends observed recently have bolstered the company's overall operational outlook. Jefferies' report underscores strong momentum for the online used car retailer as it continues to scale its business model effectively. This significant price target revision reflects growing confidence in Carvana's ability to maintain its market leadership and drive profitability.