Why Carvana Stock Skidded Thursday Morning

While the downdraft in the broader markets no doubt contributed to the decline, the car-buying e-commerce platform had a catalyst of its own in the form of reduced expectations by a Wall Street analyst. Jefferies analyst John Colantuoni reduced his price target on Carvana, lowering it from $43 down to $23 while maintaining a hold rating on the shares. Colantuoni reduced his estimates by 5% on average, though that puts his models below analysts' consensus estimates.