Carvana Co. CVNA shares are trading higher after analysts at BofA Securities upgraded the stock from Neutral to Buy and announced a $350 price target.
Analyst Nat Schindler attributes the $350 price target to "larger scale, higher margins, higher market share, higher brand recognition, and proven track record as a public company."
Carvana is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues.
Carvana shares were trading 3.9% higher at $323.39 on Monday at the time of publication. The stock has a 52-week high of $305.66 and a 52-week low of $71.56.
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