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Carmax stock falls after BofA downgrades shares to neutral

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Yahoo Finance Live's Brian Sozzi discusses the dip in Carmax stock after BofA downgrades its shares to neutral.

Video Transcript

BRIAN SOZZI: Before we head to break, though, we are also watching shares of CarMax. Bank of America auto analyst John Murphy cut his rating to neutral from buy. He slashed his price target to $165 from $195. Murphy says the underlying backdrop for autos, which includes ongoing chip shortages, will make it, quote, "very challenging" for auto retailers.