Carvana's Strong Q1 Performance Attracts Analysts Praise, Stock Soars
Carvana's Strong Q1 Performance Attracts Analysts Praise, Stock Soars
Carvana Co. (NYSE:CVNA) shares are jumping today following yesterday's first-quarter FY24 results. Several analysts raised the price target on the stock.
Carvana Co.紐約證券交易所代碼：CVNA）繼昨天公佈24財年第一季度業績之後，今天股價上漲。幾位分析師提高了該股的目標股價。
Carvana reported revenue of $3.061 billion, which beat the consensus estimate of $2.673 billion. The company reported adjusted EBITDA of $235 million.
Carvana公佈的收入爲30.61億美元，超過了市場普遍預期的26.73億美元。該公司報告調整後的息稅折舊攤銷前利潤爲2.35億美元。
The company anticipates a sequential increase in its year-over-year growth rate in retail units in the second quarter. The company also expects a sequential increase in adjusted EBITDA.
該公司預計，第二季度零售單位的同比增長率將連續上升。該公司還預計，調整後的息稅折舊攤銷前利潤將連續增長。
Wedbush analyst Seth Basham raised the price target from $80 to $120 while maintaining a Neutral rating.
Wedbush分析師塞思·巴沙姆將目標股價從80美元上調至120美元，同時維持中性評級。
The analyst writes that the company is better positioned to support growth than in the past, with better technology and processes in place and existing infrastructure to grow into.
該分析師寫道，與過去相比，該公司更有能力支持增長，擁有更好的技術和流程以及現有的基礎設施可供發展。
The analyst says that at this level of annualized EBITDA, the company can now cover its interest expense on outstanding debt in cash and plans to pay interest in cash on its 2028 and 2030 notes starting in 2025.
該分析師表示，按照這種年化息稅折舊攤銷前利潤水平，該公司現在可以現金支付未償債務的利息支出，並計劃從2025年開始以現金支付2028年和2030年票據的利息。
Consequently, the analyst now forecasts units sequentially increasing through the year (+24% Y/Y for FY24, up from +16% Y/Y prior) and adjusted EBITDA of $883 million (up from $568 million earlier).
因此，分析師現在預測全年單位將連續增長（24財年同比增長24％，高於同比增長16％），調整後的息稅折舊攤銷前利潤爲8.83億美元（高於之前的5.68億美元）。
Needham analyst Chris Pierce reiterated the Hold rating and writes that Carvana has regained its position as the apex predator in used auto retailing with an ample runway for further unit growth and is now operating from a position of profitable growth.
Needham分析師克里斯·皮爾斯重申了持有評級，並寫道，Carvana已經恢復了其作爲二手車零售業頂級掠奪者的地位，爲進一步的單位增長提供了充足的空間，目前正以盈利增長的姿態運營。
The analyst sees increasing flexibility with the company's current debt picture, with an option for eventual refinancings, decreasing interest payments and pushing more earnings to bottom line.
這位分析師認爲，公司當前的債務狀況越來越靈活，可以選擇最終進行再融資，減少利息支付，將更多收益推向利潤。
Pierce says that they see a natural limit to gross profits, with the company 'competing for inventory from consumers and at auction while having to price similarly to peers at retail given readily available pricing information on aggregator sites.
皮爾斯說，他們認爲毛利潤自然受到限制，該公司 “在消費者和拍賣會上爭奪庫存，而鑑於聚合商網站上隨時可用的定價信息，他們不得不與零售業同行進行類似的定價。
The analyst expects the customer experience and integrated lending platform to aid Carvana in driving unit growth.
分析師預計，客戶體驗和綜合貸款平台將幫助Carvana推動單位增長。
Also, JP Morgan increased the price target on Carvana from $70 to $130. JP Morgan analyst Rajat Gupta upgraded the stock from Neutral to Overweight.
此外，摩根大通將Carvana的目標股價從70美元上調至130美元。摩根大通分析師拉杰特·古普塔將該股從中性上調至增持。
Investors can gain exposure to the stock via Global X E-Commerce ETF (NASDAQ:EBIZ) and Amplify ETF Trust Amplify Online Retail ETF (NYSE:IBUY).
投資者可以通過Global X電子商務ETF（納斯達克股票代碼：EBIZ）和Amplify ETF Trust Amplify在線零售ETF（紐約證券交易所代碼：IBUY）獲得股票敞口。
Price Action: CVNA shares are trading up 32.9% to $115.71 at the last check Thursday.
價格走勢：在週四的最後一次支票中，CVNA股價上漲32.9％，至115.71美元。
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