Carvana gains after Piper Sandler upgrades to 'overweight'

Shares of online used-car retailer Carvana CVNA.N rise 2.6% to $180.67

Brokerage Piper Sandler upgrades stock to "overweight" from "neutral"; PT unchanged at $225

Says when it comes to tariff risk, CVNA has the least exposure in its coverage

Brokerage notes economic uncertainty affecting the new car market could lead to a decline in used car sales, as the new car market feeds the supply of used cars

"We think CVNA can grow aggressively, even if the used car market weakens" - brokerage

Up to last close, CVNA stock more than doubled in past 12 months