Shares of Carvana (NYSE: CVNA) were moving higher today after one analyst raised his price target on the online used car company, and Carvana benefited from a lower-than-expected inflation report, which will help keep interest rates from going higher.
As a result, the stock was up 10.4% as of 3:32 p.m. ET.
JMP Securities analyst Nicholas Jones raised his price target on Carvana from $25 to $50 and maintained an outperform rating on the stock, arguing that the company has significant potential to benefit from multiple expansions as it moves toward profitability.
Source Fool.com