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Why Carvana Stock Is Soaring Today

Source The Motley Fool

Carvana (NYSE: CVNA) stock is surging higher Tuesday. The auto retail specialist's share price was up 9.3% as of 3:30 p.m. ET. Meanwhile, the S&P 500 was up 2%, and the Nasdaq Composite was up 2.3%.

The stock market is recovering from yesterday's sell-off thanks to recent comments from U.S. Treasury Secretary Scott Bessent suggesting that the trade war between the U.S. and China could cool off in the not-too-distant future. Carvana stock is also seeing a big uptick in bullish trading thanks to positive analyst coverage that was published before the market opened today.

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Carvana stock sees big gains amid good day for the market

On the heels of big sell-offs tied to concerns about interest rates and other elements of macroeconomic policy yesterday, investors are buying back into stocks in Tuesday's trading thanks to comments reported in a recently published article from Bloomberg. At a conference for investors today, Treasury Secretary Bessent reportedly said that he anticipated a tariff de-escalation between the U.S. and China. While Bessent said that negotiations between the two countries had not started yet, his comments signaled the potential for some elements of policy moderation that could help support increased bullish sentiment for the stock market. With today's gains, Carvana stock is now up roughly 4% across this year's trading -- a performance that's significantly better than S&P 500's roughly 10.5% decline.

Carvana stock revs higher on Piper Sandler price-target increase

With new coverage published this morning, Piper Sandler raised its one-year price target on Carvana stock from $225 per share to $230 per share. While the target hike helped power big gains for the stock today, the new valuation forecast still implies potential upside of roughly 9%.

Piper's lead analyst on the stock, Alexander Potter, cited data showing that used-car sales had increased at a double-digit annual rate in March as a positive development, with trade-ins and a surge of demand ahead of tariffs implemented this month being likely catalysts behind the move. The analyst anticipates that demand tailwinds will continue this month and ultimately lead to pricing increases that could wind up benefiting Carvana. Trading at roughly 60 times this year's anticipated earnings, Carvana is a high-risk stock, but its business model does have characteristics that could help relatively strong valuation performance amid rapidly shifting macroeconomic and geopolitical backdrops.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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