Investors with big bets on Carvana should trim their winnings and look for more upside elsewhere, according to JPMorgan.

Shares of the auto e-commerce company are up nearly 31% for the year and 145% over the past 12 months, easily outperforming the broader market.

Analyst Rajat Gupta downgraded Carvana to neutral from overweight, saying in a note to clients on Wednesday that the stock had reached a near-term top.