Market Overview

UPDATE: Deutsche Bank Reiterates on CarMax Following F3Q14 EPS Report

Related KMX
UPDATE: KeyBanc Initiates Coverage On CarMax, Views As A Top Player In Sector
Benzinga's Top Initiations
CarMax Earnings Slow on Accounting Correction (Fox Business)

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on CarMax (NYSE: KMX), but lowered the price target from $46.00 to $45.00.

In the report, Deutsche Bank noted, “Carmax reported F3Q14 EPS of $0.47 vs DBe of $0.50. The variance to our estimate was fully explained by a higher-than-expected tax rate ($0.01) and a reserve adjustment to reflect higher early cancellations of Extended Service Plans ($0.02, one-time in nature). Used Retail remained robust (Comp's 10% vs DBe 8% and margin per-unit $2,149 vs DBe $2,151), CAF Income was inline, and SG&A leverage continued (SG&A per-unit down 4.5% YOY, SG&A / Sales down 20bp's YOY). We maintain Hold rating based on valuation.”

CarMax closed on Friday at $48.08.

Posted-In: Deutsche Bank Greg PooleAnalyst Color Price Target Analyst Ratings


Most Popular

Related Articles (KMX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free