Carvana (CVNA) shares surged nearly 18% on Thursday, hitting an all-time high, after several Wall Street analysts raised their price target on the online used-car retailer, with Citi noting that it was well-positioned to hit its target of selling three million retail units annually within 10 years.

The company reported second-quarter GAAP earnings per share of $1.28 on revenue that soared 42% to a quarterly record of $4.84 billion. Analysts surveyed by Visible Alpha had expected $0.97 and $4.58 billion, respectively.

Carvana stock soared 16% on Thursday, putting shares on pace to close at their first record since 2021 after the online used car seller posted a blowout quarter with record sales