Carvana: Jefferies cuts PT on weak demand, potential restructuring

Vroom

09/12/2022 10:54

** Shares of used-car retailer Carvana Co  CVNA.K  down 4.8%
at $4.7 in premarket trading
    ** Jefferies halves PT to $5 on potential CVNA restructuring
and continued soft demand due to worsening affordability on
rising rates and elevated prices
    ** Brokerage sees demand under pressure until prices decline
enough to offset the impact on affordability from rising rates
    ** Brokerage also cut PT for online used-car seller Vroom
Inc  VRM.O  by 20 cents to $1.1
    ** Wall St's median PT is $14.50 on CVNA and $2 on VRM
    ** YTD, CVNA down 97.8% vs 90.2% fall for VRM 
 (Reporting by Priyamvada C in Bengaluru)
 ((Priyamvada.c@thomsonreuters.com))