Benzinga | Oct 11, 2021 03:41PM EDT

Read Why Wedbush Sees Carvana As An Attractive Buy

* Wedbush analyst Seth Basham upgraded Carvana Co (NYSE:CVNA) to Outperform from Neutral with a price target of $360, up from $350, implying a 25.32% upside.

* Carvana Co is an e-commerce platform for buying and selling used cars.

* "Strong upside" to near-term profitability from retail and finance gross profit per unit and the recent stock price underperformance provides an opportunity in Carvana shares, Basham notes.

* Basham says that the company has built a "very solid" financing business, with profitability rising to record levels in Q2.

* Basham believes that the current valuation is attractive, with the stock under 60% of its peak price to forward sales and gross profit levels.

* Price Action: CVNA shares traded higher by 0.20% at $283 on the last check Monday.