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Piper Sandler analyst Alexander Potter downgraded Carvana (CVNA) to Neutral from Overweight with a price target of $306, up from $303.
Online platforms are "stealing share" from used car dealerships, and "without Carvana's trailblazing work, this trend wouldn't be so obvious," Potter tells investors in a research note. However, there's a price for everything, and Carvana is now fairly valued, says the analyst.
Potter says Shift Technologies (SFT) is his favorite alternative to Carvana.
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