** Shares of online used-car dealer Carvana CVNA.N up 1.5% at $383 premarket

** Jefferies raises rating on stock to "buy" from "hold", hikes PT to $475 from $385

** Brokerage sees CVNA continuing to deliver increased growth and upside to analyst estimates; company in the best position to capitalize the upcoming digital wave in the $800 bln used car market

** CVAN has ~60% less inventory than peers CarMax KMX.N and CarGurus CARG.O - Jefferies

** Company has expanded production by 4 units per week per facility, and increased sales by 2.7 units per week per facility, this expansion suggests potential near-term upside - brokerage

** CVNA's strong unit growth and cost discipline will lead to $1,000 decrease in fixed cost per retail unit between 2025 and 2035, says Jefferies

** 15 of 23 brokerages rate the stock "buy" or higher, seven "hold" and one "sell"; median PT is $432.5 - data compiled by LSEG

** Up to last close, shares up more than 85% YTD

(Reporting by Avinash P in Bengaluru)

((Avinash.P@thomsonreuters.com))