A 'lengthened' path to profitability has Cowen concerned over the long-term trajectory for battered used vehicle stock Carvana.
A 'lengthened' path to profitability has Cowen concerned over the long-term trajectory for battered used vehicle stock Carvana . Analyst John Blackledge downgraded the company to market perform from outperform in a note to clients Monday. Carvana shares dipped slightly in the premarket. "CVNA has not met '22 profit targets while carrying a significant debt load," he wrote, adding that he now estimates the company won't achieve EBITDA profitability until 2024.
The analyst previously had a price target of $55. Analysts have continued to bail on Carvana as its business struggles amid a murky macro picture. Earlier this month, the company posted a d ecline in virtually every aspect of its business for the third quarter and a miss on both the top and bottom lines.
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