On July 22, Carvana Co. declined 3.63% in regular trading, trading at $63.225/share, with Turnover of $37.75 million.

On the news front, Bank of America significantly lowered its price target on Carvana Co. from $88 to $75, representing a 14.8% cut, which pressured the stock. While Barclays slightly raised its target to $94 from $93 maintaining an overweight rating, the overall sell-side sentiment has turned more cautious. This follows a series of recent target price reductions from multiple investment banks, including Jefferies cutting to $90 from $95 and RBC Capital Markets reducing to $85 from $92.

The RBC downgrade was driven by deteriorating conditions in Carvana's latest receivables securitization, with excess spread declining 66 basis points and the over-collateralization target rising 50 basis points, pressuring unit economics. The company is scheduled to report quarterly earnings on July 29, with consensus expecting revenue of $6.895 billion, up 50.24% year-over-year, though the cluster of target price cuts reflects growing concerns over profit quality sustainability.

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