As reported earlier, BMO Capital analyst Daniel Salmon downgraded Carvana to Market Perform from Outperform and lowered his price target to $15 from $23. Salmon cites the management's below-consensus FY18 guidance and unit sales outlook that accompanied Carvana's Q4 earnings miss yesterday, stating that he previously expected a much more significant improvement in profitability. The analyst still believes that Carvana can leverage its first mover advantage toward growth in market openings and retail units sold, but now sees that process playing out over a longer period of time.

Jefferies lowered the firm's price target on Carvana to $80 from $85 and keeps a Hold rating on the shares. The firm expects "another solid EBITDA print" as Carvana prioritizes unit economics over unit growth, the analyst tells investors in a preview note for the U.S. Internet group.