CNBC’s Jim Cramer said Monday that he would buy shares of car retailer Carvana if it falls again. Carvana is the clear leader in the used car space and its turnaround story is very promising, Kramer said. He cited the recent rise in stock prices as proof of that. The stock is up 22% over the past month, compared to the S&P 500’s gain of less than 1%. “They’re back,” he said Monday on “Squawk on the Street.” Kramer said CEO Ernesto Garcia has done a great job getting the company back on track. “They’re doing a lot of things right, but I’d like to point out that the downturn is a pretty good opportunity.” “What I’m saying is, let go of that narrative and accept the fact that they’re winning in one of the world’s biggest markets.” Analysts at UBS agree. On Monday, they initiated coverage of Carvana with a buy rating and a $450 price target, suggesting an upside of about 20% from Friday’s closing price. UBS expects Carvana’s revenue to grow further as buyers and sellers transact online. “CVNA has a differentiated, best-in-class online platform and customer experience that positions it to capture share in the large but fragmented used vehicle market,” the analysts wrote. Carvana shares were up less than 1% in early trading Monday. Below is a complete list of stocks from Jim’s Charitable Trust, a portfolio used by CNBC Investing Club.
