Carvana's challenges 'unlikely to abate' in the near term, analyst says in downgrade

Oppenheimer analyst Brian Nagel weighed in with a more cautious take on Carvana Co. Tuesday, downgrading the stock to perform from outperform on his belief that near-term challenges for the used-car retailer were "unlikely to abate." In his view, "significant nearer-term operational and financial risks for Carvana have emerged and are likely to cloud the CVNA investment story for the foreseeable future." Nagel expects that Carvana will need more than $6 billion in additional capital through...