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

June 28, 2022 16:10 ET (20:10 GMT)

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