RBC downgrades Carvana, says sell the car seller even after its recent earnings beat

RBC Capital Markets thinks it's time to sell Carvana even after its recent earnings beat. Analyst Brad Erickson downgraded Carvana to underperform from sector perform, saying any upside from the online auto retailer's better-than-expected second-quarter results is more than priced in. "CVNA's better Q2 results, debt restructuring & newly enabled access to equity capital reduced liquidity risks once again - a big positive for the stock.

mountain Carvana shares 1-day The downgrade comes after the company's earnings results on Wednesday topped estimates on the top and bottom lines. Carvana reported a loss of 55 cents per share, lower than $1.15 per share expected by analysts polled by Refinitiv. Revenue came in at $2.97 billion, greater than the $2.59 billion expected. The firm also announced a debt restructuring agreement that would lower the retailer's total debt outstanding by more than $1.2 billion.

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