Carvana Stock Downgraded After a 97% Drop. Why Analysts Waited.

Carvana


stock is falling in Wednesday trading, following a BofA Securities downgrade. The move comes after the stock has swooned 97% so far this year, although BofA isn’t alone in riding the used-car seller’s decline.

Analyst Nat Schindler cut his rating on Carvana stock (ticker: CVNA) to Neutral from Buy, and slashed his price target to $10 from $43. He writes that the move comes after Moody’s cut the company’s debt rating to negative last week.