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Fly News Breaks for April 27, 2018
CVNA
Apr 27, 2018 | 10:45 EDT
Baird analyst Colin Sebastian raised his price target on Carvana to $33 from $21, noting that the company's preliminary Q1 results came in at the high-end of guidance and above consensus targets. Additionally, while the company's 11M share secondary offering will be slightly dilutive to EPS, he believes the added liquidity should support the company's aggressive market expansion strategy and provide sufficient capital through 2019, Sebastian tells investors. He maintains an Outperform rating on Carvana.
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