Analyst Alexander Potter downgraded shares to neutral from overweight.
While he increased his price target to $48 from $29, his new price objective is less than $2, or just 2.7% above where shares closed Thursday. "We upgraded CVNA last September on the basis the company was trading at a significant discount to intrinsic value due to bankruptcy risk – which we thought was unlikely. Now that the bankruptcy scare has abated, and the stock has risen to $47, we believe CVNA is approaching a fair valuation," Potter wrote in a Thursday note.
mountain CVNA in 2023 — CNBC's Michael Bloom contributed reporting.
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