Carvana (CVNA) closed Thursday, June 11, at $67.82, up less than 1% on the day and roughly 2% over the past week.

The stock remains well below its 52-week high of $97.38, and Morgan Stanley just gave investors a catchy number that measures nicely against current price levels.

In a research note dated June 10, the firm kept its Overweight rating and set a price target of $102, implying about 50% upside from current levels.

That figure looks low next to the $500-plus stock price that hit headlines in April, but it isn’t.

Carvana completed a 5-for-1 stock split on May 7, so $102 today carries the same weight $510 did before the split.

Why Morgan Stanley calls Carvana a “generational compounder”

Morgan…