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Shares of Carvana, a growing force in the online used car sales industry, have risen significantly this year from about $4 to $40. On Monday, the stock saw another 11% increase, which was largely boosted by a rating upgrade from influential banking giant J.P. Morgan.

A team of J.P. Morgan analysts led by Rajat Gupta upgraded Carvana's stock rating to Neutral from Underweight. This promotion followed a comprehensive tour of the facility and executive meetings held at the used car dealer's premises. The company's progress in productivity, cost efficiency and positive cultural change were cited as key factors that led to the upgrade.

Carvana shares were trading at approximately $39 during Monday morning trading. In its report, the J.P. Morgan team highlighted how vehicle refurbishment and logistics have undeniably become the backbone of Carvana's business model. The used car retailer has faced a number of challenges over the past 18 months, but has nevertheless used the opportunity to streamline and optimise operations in various aspects.

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