Why Carvana Stock Is Volatile Today
Shares of the online car-buying platform Carvana (NYSE: CVNA) were volatile today after another analyst downgraded the company's stock.
BofA Securities analyst Nat Schindler cut his rating to neutral from buy and cut his price target for its shares to $10, down from $43.
As a result, the stock sank by as much as 7.5% today, but it rebounded later and was up by 2.7% as of 2:17 p.m. ET. The bounce was likely caused by positive comments made by the Federal Reserve indicating that smaller interest rate hikes could start in December.
Source Fool.com
