Carvana (CVNA) is pushing higher, as hoped.

As we noted on July 10, “Carvana could race to higher highs. For one, the company recently said it now expects to achieve adjusted EBITDA above $50 million in the second quarter of 2023.  Two, analysts love the stock. DA Davidson raised its price target to $18 from $7.  Citi raised its target to $25 from $11. And Wells Fargo raised its target to $15 from $10. For us, from current prices, we’d like to see CVNA again test $27 a share.”

Not only did it test $27, but it also raced to a high of $56.92 thanks to strong earnings growth.

Granted, earnings “overachieved on nearly every metric,” according to Piper Jaffray analysts. However, “chasing the stock higher” would require raising long-term market share estimates, which earnings do not support, as noted by Barron’s.

RBC analysts also downgraded the stock to underperform, noting that while quarterly results were positive, the firm is “sticking to fundamentals.”

CVNA last traded at $44.19 00 down $1.42 on the day.