Deutsche Bank Downgrades CarMax (KMX) to Hold
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Deutsche Bank downgrades CarMax (NYSE: KMX) from Buy to Hold. Price target increased from $15 to $17.
Deutsche analyst says, "Although underlying earnings appear to be improving, risks include potential downside to GAAP earnings due to elimination of gain on sale accounting. Other downside risks: 1) Extended duration of depressed volume levels; 2) increased ABS spreads / benchmark rates; 3) Deterioration in loan losses. Upside risks: 1) Steeper volume recovery than expected; 2) further narrowing of ABS spreads...We are raising our FY2010 / FY2011 / FY2012 estimates to $0.57 / $0.85 / $1.15 from $0.38 / $0.64 / $1.00 based on our belief that KMX can sustain structurally higher gross margins."
CarMax, Inc. is a holding company and its operations are conducted through its subsidiaries.
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