Goldman Sachs Reiterates Buy Rating, $46 PT on CarMax on Mixed February Results

In a report published Monday, Goldman Sachs analyst Matthew J. Fassler reiterated a Buy rating and $46.00 price target on CarMax KMX. In the report, Fassler noted, “From its typical monthly release, we learned that CarMax Auto Finance credit metrics showed mixed results in February. Charge offs rose 4 bp mom, better than the +5 bp historical mean. Delinquencies fell 32 bp mom, unfavorable versus the seasonal norm of a 39 bp sequential decline. Competitor auto delinquencies were also above the seasonal norm, with ACF 30-day+ delinquencies falling 113 bp mom vs. the -194 bp mean, and COF delinquencies falling 119 bp mom vs. the -132 bp mean.” CarMax closed on Friday at $41.66.