Why Carvana Stock Skidded Thursday Morning
Shares of Carvana (NYSE: CVNA) slumped Thursday morning, falling as much as 4.5%. As of 2:01 p.m. ET, the stock was still down 1.9%.
While the downdraft in the broader markets no doubt contributed to the decline, the car-buying e-commerce platform had a catalyst of its own in the form of reduced expectations by a Wall Street analyst.
Jefferies analyst John Colantuoni reduced his price target on Carvana, lowering it from $43 down to $23 while maintaining a hold rating on the shares. It wasn't just the online car selling platform that suffered reduced estimates, as the analyst lowered his expectations across the board for U.S. internet-based stocks, with his bearish outlook prompted by the slowing macroeconomic environment.
Source Fool.com
