Citizens hikes Carvana PT to highest on Street

Brokerage Citizens raises online used-car dealer Carvana's CVNA.N PT to Street highest of $440, up from $275; maintains "market outperform" rating

New PT implies a little over 30% upside to stock's last close

Brokerage says co's customer experience is significantly better than traditional dealers and is expected to improve as it scales and enables faster inventory turns

Sees co's business model — proprietary software and logistics — as "most defensible" against being recreated; says it can maintain growth for multiple years

Shares edge down 0.2% to $337 in choppy premarket trading

Twelve brokerages rate the stock "buy" and higher, eight "hold" and one "sell"; median PT is $300 with an average rating of "buy" - data compiled by LSEG

YTD, stock is up 66.3% as of Tuesday's close, while peers CarGuru CARG.O down 7.6% and ACV Auctions down ACVA.N 23.7%