Piper Sandler cuts CarGurus to Sell, stays bullish on Carvana

Carvana Vehicle Transport loader. Carvana is an online only preowned and used car dealership.

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In a note reviewing automotive e-commerce, Piper Sandler analyst Alexander Potter downgraded three names, but reiterated confidence in Carvana (NYSE:CVNA).

In a note to clients on Thursday, Potter cut CarGurus (NASDAQ:CARG) to Sell