Carvana shares extended a recent rally after JPMorgan analysts boosted their outlook for the online used-car seller.
The shares were recently up 10% in premarket trading. JPMorgan raised its Carvana outlook to “neutral” from “underweight” and lifted its price target to $40 a share, from $25.
Carvana shares are up more than 600% this year as the company works to execute a turnaround plan, which has included selling new stock and pledging assets to back its debt in order to avoid a cash crunch.