BUZZ-Needham raises PT on Carvana

Reuters12-09
BUZZ-Needham raises PT on Carvana

** Shares of used-car retailer Carvana CVNA.N up 0.7% at $253 in light premarket trading

** Needham raises PT on CVNA's stock to $330 from $300; New PT represents a 29% upside to stock's last close

** "Used retail sales continue to be strong and wholesale market data has consistently shown lower than normal levels of depreciation quarter to date," says Needham

** However, brokerage also says that despite faster sales and slower depreciation benefiting retail gross profit per unit, CVNA anticipates normal to weaker seasonality

** Used retail unit sales have been gaining strength against expected weaker seasonality, with December an easy comp- brokerage

** Up to last close, shares up ~375% YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))

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