Why Carvana Stock Soared Another 28.9% in July
Shares of Carvana (NYSE: CVNA) rose 28.9% during the month of July, according to data from S&P Global Market Intelligence. Though there wasn't much company-specific news, the online used car marketplace continued its torrid run on the back of continued analyst upgrades. Additionally, a new wave of coronavirus outbreaks across the U.S. turned investor attention back to e-commerce and online marketplaces in general, such as Carvana.
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The month started off positively when Piper Sandler analyst Alexander Potter initiated coverage on Carvana with an overweight rating and a price target of $211, the highest on Wall Street.
Source Fool.com
