Why Carvana Stock Popped, Then Retreated Today

Shares of the online car-selling company Carvana (NYSE: CVNA) spiked this morning following a positive note from an analyst. JMP Securities analyst Nicholas Jones resumed coverage of the company and put a $35 price target on its stock.

The automotive stock was up by as much as 5.3% today but had given up nearly all of those gains as of 12:12 p.m. ET.

Jones said in an investor note that Carvana has enough cash and a strong value proposition and that despite recent negative press the company still has lots to offer automotive consumers -- including a large selection and positive buying experience -- according to The Fly.

Source Fool.com