CarMax (KMX) PT Lowered to $66 at Truist Securities

Truist Securities analyst Scot Ciccarelli lowered the price target on CarMax (NYSE: KMX) to $66.00 (from $72.00) while maintaining a Hold rating.

The analyst comments "We are lowering our 1Q/FY25/FY26 estimates (comps to down 3% for 1Q, with now slightly higher SG&A projections). In our view, CarMax’s expected recovery ramp has continued to flatten. While we believe elevated vehicle prices remain a primary headwind to CarMax (and the industry), the company also appears to be losing market share. We suspect the share losses stem from less competitive pricing and, potentially, a growing shift in buying behavior. Overall, we believe the sales/earnings recovery ramp continues to flatten and see little NT upside for the stock at this point. We remain on the sidelines. PT to $66 from 72."

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