CVNA is trading 6.6% up today at $72.79, with the move appearing to be influenced by recent positive analyst actions following its stock split.
- On May 25, several reports highlighted that analysts had updated their price targets on Carvana. For example, Baird raised its price target to $88 from $80, while maintaining an Outperform rating.
- Barclays also adjusted its target to $93 to reflect the company's 5-for-1 stock split, while keeping an Overweight rating.
- The stock's move also coincides with broader positive sentiment for growth stocks, but these company-specific analyst updates provide a more direct catalyst for the outperformance.