Bank of America thinks Carvana can continue its strong year-to-date rally as it gets added to the S & P 500. The bank reiterated its buy rating on the used car retailer and hiked its price objective to $455 from $385, which signals upside of 13.8% from Friday's close. Analyst Michael McGovern pointed to the S & P Dow Jones Indices' announcement that Carvana will be officially added to the S & P 500 index, effective prior to market open on Dec. 22. Inclusion into the S & P 500 can give a stock a boost as it forces index funds and ETFs to buy shares of the newly added company. CVNA YTD mountain CVNA YTD chart "We identified S & P inclusion as our top potential catalyst for CVNA back in June, as CVNA had already met the profit requirements for several quarters. We think Street had grown sligh
Bank of America hikes Carvana price target following S&P 500 inclusion announcement
CNBC Investing1 hrs ago
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