Carvana Co. (NYSE:CVNA) ranks among the 20 best fast growth stocks to invest in. On July 7, Nicholas Jones, an analyst at Citizens JMP, reaffirmed a Market Outperform rating on Carvana Co. (NYSE:CVNA) with a $440 price target. The firm believes the automobile sector continues to be majorly steady despite some demand being brought forward earlier this year due to car tariff announcements and persistently high interest rates.
Since the beginning of the COVID pandemic, automobile affordability has been difficult, according to Citizens JMP, which has caused issues for the broader automotive industry. That said, the analyst thinks Carvana Co. (NYSE:CVNA) possesses company-specific growth drivers that can surpass overall growth despite these industry challenges as it uses technology to lower consumer friction.
Carvana Co. (NYSE:CVNA) is an online retailer of used cars based in Tempe, Arizona. Renowned for its multi-story automobile vending machines, the firm is the fastest-growing online used car dealer in the United States.
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