Carvana’s unwinding triggers a cascade of warnings on Wall Street - Autoblog

Carvana’s unwinding triggers a cascade of warnings on Wall Street

'We are lowering our price target ... to reflect a higher likelihood of insolvency'Carvana Co.’s share price unwinds at a fever pitch, Wall Street analysts are slashing targets and warning conditions could worsen.

Average price targets on the stock have now sunk 94% since the beginning of the year, and have dropped nearly 60% from where they were at the end of October. Carvana reported its third-quarter results early this month, triggering the latest avalanche in both its shares and analyst targets.

Meanwhile, persistently high inflation and climbing interest rates have made consumers wary of large purchases, especially in the face of a potential recession. As a result, demand is hurting as well.

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