Carvana rises as Jefferies upgrades on improved unit economics
** Shares of Carvana CVNA.N climb 3.9% to $81.12 premarket after Jefferies upgrades the used-car retailer's stock to "hold" from "underperform"
** Jefferies hikes PT to $85 from $30
** "Recent expansion in Retail GPU suggests CVNA's operational adjustments may have driven sustainable improvements to unit economics," Jefferies analysts said, noting the progress toward achieving positive cash flow
** "We see early evidence CVNA is transitioning to a self-financed enterprise, capable of using cash from operations to fund growth and outstanding debt - Jefferies
** RBC last week upgraded the stock and doubled its PT after the company reported its first-ever annual profit in 2023
** 18 of the 23 analysts covering the stock have a "hold" rating on CVNA, median PT is $60, nearly double from a month ago - as per LSEG data
** Stock up 47.5% YTD
Reporting by Sruthi Shankar in Bengaluru
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