B. Riley FBR analyst Sameet Sinha reiterates a Buy rating on Carvana with a $72 price target following "bullish" data for used cars. Data points from Edmunds indicate that rising new car prices and interest rates should swing the pendulum towards used cars in 2019, Sinha tells investors in a research note. On the tax refund front, while the number of filings is below 2018 levels year-to-date, the average refund has been flat to up for three weeks now versus declines seen previously, adds the analyst. Further, he points out that that traffic checks are indicating a "nice uptick" in Carvana traffic in February and March. If this trajectory continues, Carvana's Q1 units should come in ahead of consensus expectations of 32,926, contends Sinha.

Bullish option flow detected in Carvana with 22,528 calls trading, 1.4x expected, and implied vol increasing over 1 point to 103.82%. May-24 75 calls and May-24 90 calls are the most active options, with total volume in those strikes near 5,200 contracts. The Put/Call Ratio is 0.41. Earnings are expected on May 1st.

JPMorgan raised the firm's price target on Carvana to $70 from $65 and keeps a Neutral rating on the shares. The analyst expects Carvana's Q1 EBITDA to come in at $180M, well ahead of consensus estimates of $122M, driven by strong volume growth, benefiting partially from partner inventory and strong commercial de-fleeting, as well as its ongoing efforts to return to growth while sustaining healthy unit economics. The firm continues to see meaningful upside to standing consensus estimates even beyond Q1. It believes Carvana's "ongoing strong revision trajectory should be enough to support shares."