TMTB: CVNA EBITDA inflection; DKNG ug at Barclays; 3p Roundup (AMZN, CPNG, LYFT/UBER, EBAY, SNOW); DELL ISI catalyst pick; RIVN dbl dg at UBS; NIO dg at JPM; BKNG SQ INTU EPS Recaps; LUNR landing
CVNA +28%: Better than expected EBTIDA guide drives inflection/goldilocks thesis
I wrote my thoughts on the call/report from yesterday here — stock up another 10% over night. Hard not to take some off the table after this move (stock +50% since we first called it out). Stock is usually pretty volatile early post-earnings so heads up... Overall, my thoughts remain: as long as units continue to show at least HSD growth y/y, this stock continues to work as there is massive operating leverage in the model.
Gets a couple of upgrades so far this morning - RJ to Hold from Sell saying they see structural improvements in the biz. WB upgrades to buy as they raise their EBITDA to $550M from $350M and say it could grow another 40% in 2025 after growing 65% in 2024. They think accelerating unit growth in the coming quarters will generate meaningfully higher profit.
MS still no note, but given how he sounded on the call, wouldn’t be surprised to get an ug from Jonas.
Chart continues to look ju…
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