On July 23, Carvana Co. fell 3.05% in regular trading, trading at $60.835 per share with turnover of $150 million, extending recent weakness.

On the news front, Bank of America slashed its price target on Carvana from $88 to $75, a 14.8% reduction, serving as the core catalyst pressuring the stock over consecutive sessions. RBC Capital Markets also flagged deteriorating conditions in the company's latest receivables securitization, noting excess spread declined 66 basis points and the over-collateralization target rose 50 basis points quarter-over-quarter, creating headwinds for gain-on-sale revenue and per-unit gross profit.

Multiple investment banks have recently trimmed targets, with Jefferies cutting to $90 from $95 and RBC lowering to $85 from $92. The consensus mean target now stands at approximately $90.62. The company is scheduled to report quarterly earnings on July 29, with market expectations of 50.24% year-over-year revenue growth to $6.895 billion, though the concentrated target price downgrades reflect growing concerns over earnings quality.

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