Carvana Co (NYSE: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.
