Carvana (CVNA) stock more than tripled in 2024, extending a two-year bull run that's returned 4,000% amid a turnaround effort that has pulled the online used-car retailer froꦫm ܫthe brink of bankruptcy.

Shares soared to an all-time high of more than $370 in August 2021 as COVID-19 lockdowns and stimulus checks fueled a surge in used-car sales. The tides turned when inflation began to accelerate and consumers' pandemic savings dwindled. The company's share price fell 99% to a closing low of $3.72 in December 2022.

Since then, shares have bounced back after a raft of layoffs and a rebound in used-car sales that helped the company 澳洲幸运5开奖号码历史查询:blow past profit estimates with its most recent quarterly report. 

Hindenburg Report Concerns 'Overblown,' JPMorgan Says

Short-seller Hindenburg Research called the validity of that rally into question last week when it 澳洲幸运5开奖号码历史查询:published a report alleging "accounting manipulation and lax underwriting have fueled temporary reported income growth." Shares declined nearly 13% in the two days following the report, but some bullish analysts were unfღazed. 

JPMorgan analysts 澳洲幸运5开奖号码历史查询:reiterated their "overweight" rating last Friday, and on Tuesday sent𒈔 clients a second note rebutting Hindenburg's report. The analysts called fears about Carvana's le🌌nding activity "overblown," and argued that "the broader legitimate concern or debate is more macro and potential consumer stress going forward from here."

Needham analysts also maintained their bullish view of the stock, which they say should trade around $330 at the end of the year. Hindenburg's concern that deteriorating auto loan performance will hinder sales growth is "misplaced," they argued, citing Carvana's partnership with lender Ally Financial (ALLY), which was extended yesterday, and seasonal factors making current lending dynamics look worse than they are.

Analysts Split on Carvana Stock Outlook

Of the 12 Carvana analysts tracked by Visible Alpha with current ratings, half rate the stock a "buy" and the other half assign it a "hold" rating. All of the analysts who have issued ratings since Hindenburg's report are in the "buy" or equivalent camp. 

The analysts have assigned 12-month price targets ranging from $148 to $330. The average target of about $253.46 is 34% above Monday's closing price.

CORRECTION—This article has been updated to correct the number of Carvana analysts tracked by Visible Alpha with current ratings.