RBC Capital analyst Steven Shemesh raised the firm’s price target on CarMax (KMX) to $103 from $99 and keeps an Outperform rating on the shares after its Q3 earnings beat. Retail comp used unit sales increased 4.3% – higher that 3.2% consensus – the second consecutive quarter of positive comps, which was driven by average selling prices declining 3.9% to $26,153, the analyst tells investors in a research note. Between retail unit momentum and cost discipline, it’d be tough not to feel marginally better about the CarMax story, though the bears will likely keep questioning market share trends and the provision for loan losses, the firm added.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
