Morgan Stanley analysts downgrade their rating on Carvana's stock to the equivalent of sell.
Carvana Co.’s stock deserves to rally after the company’s “stronger” quarterly results and improvements in capital structure, but the auto retailer’s “second chance for success” is already priced in, analysts at Morgan Stanley said in a note Thursday.
Carvana... Carvana Co.’s stock deserves to rally after the company’s “stronger” quarterly results and improvements in capital structure, but the auto retailer’s “second chance for success” is already priced in, analysts at Morgan Stanley said in a note Thursday. Carvana last week reported stronger-than-expected second-quarter results, and crucially struck a debt-reducing deal with its bondholders aimed at bolstering liquidity. Shares of Carvana have skyrocketed more than 750% this year, making the S&P 500 index’s 19% advance look paltry in comparison.
“In addition to pushing out liquidity concerns short term, the company must demonstrate they can sustain their progress,” however, they said.
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