Carvana Drops 18% After Stifel Cuts Price Target
June 28 2022 - 04:25PM
Dow Jones News
By Kathryn Hardison
Carvana Co. shares dropped 18% to $25 on Tuesday following a
price target cut from Stifel.
Stifel lowered its price target to $34 per share from $48 per
share while maintaining a hold rating, analysts said.
Last week, Barron's reported that the online used-car dealer is
struggling to match its pandemic-era sales pace because it is
delayed in registering cars for its customers. Carvana said the
delays involved internal paperwork problems, and slow work by
third-party registration services and state motor vehicle
agencies.
Shares were 89% lower for the year.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
June 28, 2022 16:10 ET (20:10 GMT)
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