BUZZ-Citigroup upgrades Carvana to 'buy'; shares reverse course in morning trade

Updates

Shares of used car retailer Carvana CVNA.N reverse course, down more than 2% to $195 after initially rising 2% in early trade

*Brokerage Citigroup raises stock rating to "buy" from "neutral", marking a second stock upgrade this week

"CVNA is ramping inventory to meet increasing demand" - Citigroup analyst Ronald Josey

Brokerage raises PT to $277 from $195, a 39.65% upside to stock's last close

*Hindenburg Research revealed short position on CVNA last week, accusing it of "insider trading and accounting manipulation"

Ten of 24 brokerages rate CVNA "buy" or higher, 13 "hold" and one "sell"; their median PT is $250, according to data compiled by LSEG

Stock rose 284% in 2024

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))