Carvana Analysts Boost Their Forecasts After Upbeat Q1 Results

Carvana Co CVNA reported better-than-expected first-quarter financial results Wednesday.

Carvana reported first-quarter revenue of $4.23 billion, beating the consensus estimate of $3.98 billion. The company reported first-quarter earnings of $1.51 per share, smashing analyst estimates of 60 cents per share.

“In Q1, Carvana set a new record for retail units while also driving record profitability and hitting our highest customer net promoter score in nearly three years,” said Ernie Garcia, co-founder and CEO of Carvana.

Carvana expects a sequential increase in retail units sold and adjusted EBITDA in the second quarter. The company said it remains on track to deliver “significant growth” in both retail units sold and adjusted EBITDA in full-year 2025.

Carvana shares gained 0.1% to close at $259.17 on Wednesday.

These analysts made changes to their price targets on Carvana following earnings announcement.

• Wells Fargo analyst David Lantz maintained Carvana with an Overweight rating and raised the price target from $290 to $310.
• Baird analyst Colin Sebastian maintained the stock with a Neutral and raised the price target from $200 to $275.
• Needham analyst Chris Pierce reiterated Carvana with a Buy and maintained a $340 price target.

Considering buying CVNA stock? Here’s what analysts think: