US Stock Market Move | RBC upgrades rating and target price, Carvana (CVNA.US) up over 6%

On Tuesday, the stock price of the American used car e-commerce platform Carvana (CVNA.US) rose, with the stock up more than 6% to $201.49 by the time of writing. Royal Bank of Canada (RBC) upgraded the company's rating, stating that the recent pullback provides a buying opportunity. This is the first upgrade since short seller Hindenburg Research recently targeted the company. Analysts Brad Erickson and Khadijah Gibson from the bank upgraded the rating of the stock to "buy" and raised its target price from $270 to $280.