By Kathryn Hardison
Carvana Co. shares dropped 18% to $25 on Tuesday following a price target cut from Stifel.
Stifel lowered its price target to $34 per share from $48 per share while maintaining a hold rating, analysts said.
Last week, Barron's reported that the online used-car dealer is struggling to match its pandemic-era sales pace because it is delayed in registering cars for its customers. Carvana said the delays involved internal paperwork problems, and slow work by third-party registration services and state motor vehicle agencies.
Shares were 89% lower for the year.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
06-28-22 1610ET