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Carvana Co. shares are trading higher Wednesday. This surge comes amid heightened overall market strength following a larger-than-expected rate cut by the Federal Reserve.
What To Know: The Federal Reserve made headlines by slashing interest rates by 50 basis points (bps) during its September Federal Open Market Committee meeting. This decision brought the federal funds rate down to a range of 4.75% to 5%, marking the first rate reduction in over four years and breaking a streak of 12 consecutive months of steady rates.
The rate cut surprised Wall Street analysts, who had widely anticipated a more modest 25-basis-point cut. The larger-than-expected reduction resonated with investor sentiment, which had been leaning toward a more aggressive easing approach as the rate-cut cycle began. “The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent,” the FOMC statement explained.
Additionally, the Fed released its updated Summary of Economic Projections, adjusting several key metrics:
One of the more significant revelations was the updated quarterly Dot Plot, a tool used by the FOMC to signal future policy intentions. The Dot Plot now indicates a more aggressive path for rate cuts than previously projected, suggesting 100 basis points of cuts in 2024. This implies the federal funds rate could fall to a midpoint of 4.4% by the end of this year, with potential 25-basis-point cuts in both November and December meetings. Further reductions are projected for 2025 and beyond, with the federal funds rate expected to drop to between 3.25% and 3.5% by the end of 2025 and to 2.9% by the end of 2026.
CVNA Price Action: Carvana shares were up by 3.84% at $162.59 according to Benzinga Pro.
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Photo Via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BofA Securities analyst Michael McGovern reinstated coverage on Carvana Co. with a Buy rating and a price target of $185.
The analyst believes the company is well-positioned for sustained long-term growth in the $800 billion+ fragmented market.
McGovern expects Carvana to sustain recent improvements in unit economics and leverage as growth accelerates.
As prices normalize, car supply returns, and interest rates begin to fall, the market is recovering, adds the analyst.
Used car sales remain around 20% below pre-COVID levels, and the analyst anticipates further recovery as rates decrease.
The analyst anticipates Carvana’s 2025 revenue of $15.45 billion and EBITDA of $1.50 billion, slightly above Street estimates of $15.31 billion and $1.46 billion, respectively.
The analyst assumes a 20% gross margin and SG&A expenses at 14% of revenue for the year.
For 2026, McGovern expects 20% revenue growth driven by high-teens retail unit growth.
The analyst notes near-term profit estimates are achievable without significant new capacity investments as unit growth accelerates and less reconditioning site expansion is needed.
Investors can gain exposure to GitLab via Tidal ETF Trust II Pinnacle Focused Opportunities ETF and Global X E-commerce ETF .
Price Action: CVNA shares are up 1.09% at $154.56 at the last check Tuesday.
Photo via Shutterstock
Read Next:
Latest Ratings for CVNA
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | Morgan Stanley | Maintains | Overweight | |
Feb 2022 | DA Davidson | Maintains | Neutral | |
Feb 2022 | Stephens & Co. | Maintains | Equal-Weight |
View More Analyst Ratings for CVNA
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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