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Evercore ISI Downgrades This Used-Vehicle Retailer - Read Why

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·1 min read
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  • Evercore ISI analyst Michael Montani downgraded CarMax Inc (NYSE: KMX) to In-Line from Outperform with a price target of $120, down from $145, implying a 10% upside.

  • Montani said CarMax took a profitable share throughout the calendar year 2021. He sees used vehicle pricing remaining "stubbornly high" with a new and used vehicle shortage likely to extend into early 2024, and it appears to be crowding out lower-income used car buyers.

  • The analyst's concern is CarMax retail used unit comps are more likely around flat than the 4% he had been anticipating in 2022. He notes elevated costs as CarMax plans to invest in headcount, technology, and advertising this year.

  • Price Action: KMX shares are trading lower by 3.42% at $109.45 on the last check Wednesday.

Latest Ratings for KMX

Feb 2022

Evercore ISI Group

Downgrades

Outperform

In-Line

Jan 2022

Seaport Global

Upgrades

Neutral

Buy

Dec 2021

RBC Capital

Maintains

Outperform

View More Analyst Ratings for KMX
View the Latest Analyst Ratings

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