Wells Fargo Cuts Carvana (CVNA) Price Target to $75
Key Points
- Wells Fargo maintained its Overweight rating on Carvana Co. on October 23, 2026, while reducing its price target from $80.00 to $75.00.
- Wells Fargo's $75 price target implies 30.81% upside from Carvana Co.'s ($CVNA) current $57.34 share price.
- Carvana Co. recently traded around $57.34, sitting well below its 50-day and 200-day moving averages as well as the new $75.00 target.
- Other major firms like Stephens & Co., Barclays, BTIG, and Morgan Stanley also hold positive ratings on the used car e-commerce platform ahead of earnings.
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Wells Fargo maintained its Overweight rating on Carvana Co. NYSE: CVNA on October 23, 2026, while adjusting its price target down from $80.00 to $75.00. The note from the firm came on the same day the used car e-commerce platform saw shares close at $57.61.
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Carvana Co.
Wells Fargo vs. the S&P 500
Hypothetical returns from Wells Fargo's disclosed trades, not real profit or advice. How we model this.
Wells Fargo's Call on Carvana Co.
On October 23, 2026, Wells Fargo issued a research note keeping its Overweight rating on Carvana Co. while trimming its target price from $80.00 to $75.00. The revised target sits below the previous figure but still leaves room above recent trading levels.
Other Institutional Activity in Carvana Co.
Large financial institutions continue to adjust their holdings in the online car dealer. Royal Fund Management grew its holdings by 24,711 shares, ending with 94,711 shares worth about $5,896,318.00. Capital International Investors lifted its stake by 6,617,732 shares for a total of 23,257,742 shares valued at approximately $1,339,878,530.00. CAS Investment Partners, LLC reduced its stake by 147,597 shares, leaving it with 22,559,570 shares worth about $1,299,656,841.00. Meanwhile, Greenoaks LLC grew its position by 329,924 shares to hold 21,344,170 shares valued at around $1,229,637,646.00.
Carvana Co. Stock Down 3.1%
Carvana Co. recently traded around $57.34 on October 23, 2026, which is down about 0.5% from its event closing price of $57.61. The stock sits 14.3% below its 50-day moving average of $66.93 and 18.2% below its 200-day moving average of $70.08. Shares are trading 41.1% below their 52-week high of $97.38 and 5.3% above their 52-week low of $54.46.
$CVNA price target
Carvana Co. daily closes and this analyst's $75 target. Not advice.
Recent Earnings
Carvana Co. reported trailing-twelve-month revenue of $25,058,008,960.00 and trailing-twelve-month earnings per share of $1.88. The company posted a net profit margin of 6.3% and a return on equity of 58.8%, with year-over-year revenue growth reaching 52.4%. Its next earnings report is scheduled for October 28, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
7 target raises vs 3 cuts.
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EPS & revenue
EPS beat estimates by 12.0%. Revenue beat estimates by 3.8%.
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Profit surprise
EBITDA met by 2 percent. Operating income beat by 2 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
7 target raises, 3 target cuts.
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Earnings quality
Gross margin down 1.2 points. Negative free cash flow.
Earnings Call Summary
Carvana sold a record 187,000 cars in the quarter, up 40 percent year over year, and generated $6.43 billion in revenue, up 52 percent. The recon team fixed labor efficiency issues by building new tools and centralizing planning. The company sees the wholesale-to-retail price spread as temporary and expects it to normalize over the next few months.
Guidance Management expects all-time record retail units sold and adjusted EBITDA in the second quarter. The company still targets 13.5 percent adjusted EBITDA margin by 2030 to 2035 while selling 3 million cars per year. Full year 2026 growth expected to be significant on both metrics.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend
Carvana Co. does not pay a dividend.
Insider Buying and Selling at Carvana Co.
Company insiders have completed several share sales in recent months. Officer Thomas Taira sold 16,789 shares on September 14, 2026, valued at $1,184,958.00. Chief Financial Officer Mark W Jenkins sold 63,750 shares on October 1, 2026, worth about $3,929,788.00. Officer Stephen R Palmer sold 5,000 shares on October 1, 2026, for a total of $308,203.00. Later, on October 12, 2026, Thomas Taira sold another 5,597 shares at a price of $65.00, totaling $363,805.00.
Analysts Set New Price Targets
Wall Street firms maintain an active dialogue on the stock. Stephens & Co. maintains an Overweight rating with an $83.00 target, down from $91.50, on October 6, 2026. Barclays maintains an Overweight rating with an $80.00 target, down from $93.00, on October 6, 2026. BTIG reiterates its Buy rating with an $87.00 target on October 9, 2026. Morgan Stanley maintains an Overweight rating with an $88.00 target, down from $90.00, on October 15, 2026. Overall, the company carries a consensus buy recommendation from 21 analysts, with a mean price target of $82.19.
About Carvana Co.
Carvana Co. runs an e-commerce platform focused on buying and selling used vehicles online. The company handles vehicle acquisition, inspection, reconditioning, and online shopping, alongside financing, logistics, and post-sale support.
Bottom Line
Wells Fargo's updated target highlights how analysts are adjusting expectations ahead of the upcoming earnings report on October 28, 2026. Investors will be watching to see if the company's financial results can support its valuation and help push the stock back toward analyst price targets.
Related Filing Alerts
Source: Wells Fargo's rating change on $CVNA (Oct 23, 2026). Written by software, not financial advice. How we make alerts