A Bull Market Could Be Here: 2 Reasons to Buy Carvana Stock
After a gut-wrenching 98% drop in 2022, shares of (NYSE: CVNA) have bounced back tremendously this year, up over 900%. This performance is on the back of the 31% gain of the Nasdaq Composite, which has entered bull-market territory following a huge decline last year.
Boosting Carvana's stock was management's ability to restructure debt by extending maturities and substantially reducing interest payments this year and next. It looks like investors believe that the used car retailer has avoided filing for bankruptcy.
But to be completely clear, Carvana is still an extremely risky business to own right now. There is a lot of uncertainty not only in the near term as it relates to the macroeconomic environment, but over the long term, with the company's ultimate success still in question.
Source Fool.com
Carvana Co. Stock
Currently there is a rather positive sentiment for Carvana Co. with 9 Buy predictions and 6 Sell predictions.
As a result the target price of 139 € shows a slightly positive potential of 6.2% compared to the current price of 130.88 € for Carvana Co..
