UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT for CarMax

In a report published earlier today, Deutsche Bank AG reiterated its Hold rating for CarMax, Inc.

, but lowered its price target from $31.00 to $26.00. Deutsche Bank went on to say “Carmax reported F1Q13 EPS of $0.51 (excluding $0.01 finance gain) vs. DBe and consensus of $0.53. Auto Operating Income (i.e. excluding Financing income) was down 9% YOY, compared to our forecast of flat. This drove 3.5 cents of EPS downside vs our model. Financing Income, however, came in at $71.5MM (vs DBe of $66.0MM), driving 1.5 cents of upside. Although our updated estimates now call for flat earnings growth in the current year, we believe the shares already pricing in this expectation and thus we maintain our Hold rating based on valuation.” CarMax, Inc. closed on Friday at $25.73.