Carvana accelerates on surprise profit, analyst PT boosts

Vroom

06/08/2021 14:11

** Carvana  CVNA.N  shares up 9% at $367.31 premarket after
online used car seller's qtrly report blows away Wall Street
expectations
    ** CVNA on track to open at record high
    ** Co reports first qtrly profit; posts Q2 adj EPS of 26
cents vs analysts estimate of 36 cents/sh loss, per Refinitiv
IBES data
    ** Revenue triples yr/yr to $3.3 bln, handily beating
consensus view of $2.45 bln  urn:newsml:reuters.com:*:nBw3zNy8ca
    ** At least 10 brokerages boost PTs to as high as $450
    ** Cowen says GPU (gross profit per unit) beat on all lines
driven by elevated demand and high pricing environment
    ** Of 27 analysts covering CVNA, 16 rate "buy" or stronger,
10 have "hold", while 1 rates "sell" median PT of $375 up from
$326 a month ago - Refinitiv
    ** Shares have gained 41% in 2021

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))