Wachovia Upgrades CarMax (KMX) to Market Perform
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Wachovia upgrades CarMax (NYSE: KMX) from Underperform to Market Perform with a $14 to $16 valuation range. However, the firm lowers their fiscal 2009 and 2010 EPS estimates from $0.77 to $0.55 and from $1.00 to $0.73.
The firm said, "While fundamentals remain challenging, we believe material price downside from current levels hinges on a re-valuation of the shares. This quarter's performance coupled with management's dour outlook for business trends should reset expectations meaningfully for fiscal 2009 and 2010. Value investors will increasingly look past fiscal 2009 and evaluate the stock on fiscal 2010/2011 prospects, in our view."
CarMax, Inc., through its subsidiaries, operates as a retailer of used vehicles in the United States.
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