Nicholas Jones, an analyst at JMP Securities, has increased his price target for Carvana Co. CVNA shares to $50. “This is entirely due to the multiple expansion,” Jones wrote in a Tuesday article. “First, there is material upside to CVNA’s multiple as it progresses toward profitability…relative to its pre-pandemic average,” he wrote in a note to clients. Carvana’s optimistic outlook was based on the fact that CVNA does not need to raise any capital. However, as the company moves towards profitability, there is a material upside to CVNA’s multiple.