bullish

Summary * We initiate our coverage on Carvana, diving into the long-term thesis while also addressing the concerns highlighted by the recent report published by Hindenburg. * Carvana's differentiation is that it has successfully blended the online marketplace with physical inventory management. Evidently this is really hard to do. * If Carvana can move through its shaky auto loan situation, which we believe is more likely than not, the company will be in a strong position going forward. * A