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Carvana Upgraded to Outperform at Wedbush, Shares Gain 7%

Wedbush upgraded Carvana (NYSE: CVNA) to Outperform from Neutral and lifted its price target to $400 from $380, driving shares up more than 7% intra-day on Monday.

The firm noted that Carvana shares had fallen roughly 13% over the past month, underperforming the S&P 500, largely due to weak near-term results from peer CarMax (KMX) and broader concerns in credit markets. Wedbush argued that the pullback was overdone and created an attractive entry point.

Shares now trade around 22x Wedbush’s 2027 EPS estimate, near the low end of Carvana’s valuation range over the past two years. The firm said its analysis pointed to limited downside and a compelling risk/reward at current levels.

Published on: November 24, 2025

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