Carvana

CVNA · NYSE

$60.26+$1.55 (+2.64%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $58.71

CVNA analyst rating

BuyConsensus of 21 analysts over the last 12 months. 81% rate it a buy.

Strong buy0
Buy17
Hold4
Underperform0
Sell0

12-month price target · 26 analysts

Average $84.42 (+40.1% upside)

Low: $60.60
Now: $60.26
High: $126.00

Upgrades and downgrades

The latest rating actions, newest first

CVNA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 15, 2026	Maintains	Overweight	$90.00 → $88.00	54%
BTIG	Oct 9, 2026	Maintains	Buy	$87.00	45%
Stephens & Co.	Oct 6, 2026	Maintains	Overweight	$91.50 → $83.00	54%
Barclays	Oct 6, 2026	Maintains	Overweight	$93.00 → $80.00	28%
Oppenheimer	Sep 30, 2026	Maintains	Outperform	$450.00 → $90.00	50%
BTIG	Aug 4, 2026	Maintains	Buy	$87.00	45%
Citigroup	Jul 31, 2026	Maintains	Buy	$93.00 → $90.00	56%
Barclays	Jul 31, 2026	Maintains	Overweight	$94.00 → $93.00	28%
BNP Paribas	Jul 30, 2026	Maintains	Neutral	$86.00 → $69.00	56%
RBC Capital	Jul 30, 2026	Maintains	Outperform	$85.00 → $82.00	54%

The case for and against

Updated Oct 14, 2026

Bull case

Carvana is supported by a stable used-car pricing backdrop, with the third-quarter retail-wholesale spread at $9,139 and days supply tracking in the mid-to-high 40s, suggesting margins remain resilient rather than structurally pressured. Strong traffic, including 45% y/y monthly unique visitor growth in 3Q26, plus an adjusted 3Q26 retail unit estimate of 207,500 and Adjusted EBITDA of $786MM, point to durable demand and operating leverage. Its vertically integrated, asset-backed model, paired with AI-driven logistics, reconditioning, and labor tools, should keep lowering cost per unit while enabling share gains in a highly underpenetrated market.

Bear case

Carvana is facing a deteriorating fundamental backdrop as wholesale prices have fallen for six consecutive months, used car list prices have already declined $638 since June, and wholesale days supply is up 2 days y/y, signaling looser demand and weaker pricing power. The latest securitization appears less favorable q/q, with APRs down 13 bps, excess spread down 66 bps, and the over-collateralization target up 50 bps, pressuring gain on sale and reducing Other GPU estimates by 2.1%/2.5%/1.5% for 2Q-4Q26 and 1.2% in '27. Even if retail unit growth supports revenue, expenses rise meaningfully and EBITDA may not keep pace, creating leverage and debt-servicing risk while the stock faces multiple compression toward a more traditional dealer valuation.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.