Deutsche Bank Cuts Price Target on CarMax (KMX) to $17.50
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Deutsche Bank lowers its price target on CarMax (NYSE: KMX) from $23.50 to $17.50, while maintaining a Hold rating.
The firm said "disruptions in the auto ABS market pose significant risks to CarMax’s ability to fund its captive finance arm, CarMax Auto Finance", which historically generates about 40% of the Company's total earnings. Deutsche believes that an ABS deal needs to be completed by the end of April.
Deutsche expects CarMax to tap an additional $400-$500 million in funding from the market, which would negatively impact EPS by about $0.15.
CarMax, Inc. operates as a retailer of used vehicles in the United States. [BCS]
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