Carvana's Stock Skyrockets on First Annual Profit and Upgraded Analyst Ratings

Carvana's stock surged 30% after reporting its first annual profit and receiving upgrades from two Wall Street analysts. The used-car retailer posted a net income of $450 million for 2023, a significant turnaround from its $1.59 billion loss in 2022. The company is currently in the second phase of a three-step restructuring plan and aims to grow retail units sold in 2024. Analysts at Raymond James and William Blair upgraded Carvana's rating, citing encouraging profit increases and unit growth, with the company's CEO emphasizing a focus on current inventory and future expansion.