Why Carvana Stock Is Surging Today

Carvana Co CVNA shares are trading higher Monday following an upgrade from Piper Sandler.

Piper Sandler analyst Alexander Potter upgraded Carvana from Neutral to Overweight and lowered the price target to $73 from $98, citing increased optimism following outsized declines over the last year. 

Carvana shares were trading around $350 per share in September 2021. Despite cutting his price target, the Piper Sandler analyst believes the stock could nearly double from current levels. 

See Also: Bristol-Myers Squibb To $87? Here Are 5 Other Price Target Changes For Monday

Carvana operates an e-commerce platform for buying and selling used cars.

CVNA Price Action: Carvana has a 52-week high of $240.58 and a 52-week low of $19.45.

The stock was up 7.86% at $39.49 at time of publication, according to Benzinga Pro.

Photo: Tony Webster from Flickr.