Carvana Stock Got Upgraded. Why Its Shares Are Dropping.

A debt exchange has bought the auto reseller 'at least two years of breathing room to execute,' Wedbush says,

Carvana stock has soared 1,000% this year, but that hasn’t stopped Wedbush analyst Seth Basham from upgrading its shares.

So why didn’t Basham upgrade the stock all the way to Outperform? Part of the problem is that the company expects gross profit per unit, or GPU, to improve by $600 to $1,100 versus 2021, which seems too high to the analyst, while earnings before interest, taxes, depreciation, and amortization, or Ebitda, to come under pressure in 2024, when Carvana should turn its focus back to growth.

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