Carvana , poised to capitalize on a shift to digital in the used-car market, is a buying opportunity with more than 20% upside, according to Jefferies. Analyst John Colantuoni upgraded shares of the online used-car retailer to buy from hold and hiked his price target to $475 from $385, signaling a 21% gain ahead. The firm’s surveys found that U.S. consumers prefer to sell and buy their cars online, a shift that can benefit Carvana. “The results of our consumer survey, proprietary web scape, and capacity analysis all support CVNA continuing to deliver elevated growth and upside to consensus,” Colantuoni wrote Wednesday. “We also see fixed cost leverage helping supplement Revenue growth, supporting further expansion in unit economics and peer-high EBITDA growth.” He added that Carvana is “best-positioned to benefit from a nascent shift to digital in the massive $800B used car market.” CVNA 1D mountain Carvana, 1-day performance Carvana shares have already outperformed this year, surging more than 85% year to date. On Wednesday, the stock popped 1.4% in premarket trading. “We see valuation moving higher over time as the market gains comfort over CVNA’s long-term economics and market opportunity,” Colantuoni wrote. Most analysts covering Carvana are bullish. LSEG data shows 14 of 23 have a buy or strong buy rating.