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Why Carvana Stock Hit the Brakes Today

Why Carvana Stock Hit the Brakes Today

Shares of the online car-buying company Carvana (NYSE: CVNA) were crashing today after a Wells Fargo analyst cut the company's price target, just one day after a Wedbush analyst downgraded the stock and cut his price target for its shares. Making matters worse for the company is the fact that Carvana has been facing legal issues in some states in response to how it handled the transfer of car ownership to some of its customers. Yesterday, Wedbush analyst Seth Basham cut his price target for Carvana's stock to $15, down from $50, and downgraded the stock to neutral from outperform.