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UPDATE: Credit Suisse Upgrades CarMax to Outperform, Raises PT

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In a report published Friday, Credit Suisse upgraded its rating on CarMax (NYSE: KMX) from Neutral to Outperform, and raised its price target from $32.00 to $42.00.

Credit Suisse noted, “We are upgrading KMX from Neutral to Outperform. We view KMX as a well-run, inexpensively valued premier retail growth story that is on the cusp of a positive earnings inflection point. By early to mid-2013, investments tied to accelerating store growth should crest, recently opened stores should enter and elevate the comp base, and most importantly, late model used vehicle supply should improve. Those factors should allow KMX to deliver accelerating earnings gains and upside, which, along with ~10% annual square footage growth, positions it to be one of the best multi-year growth stories in our view.”

CarMax closed on Thursday at $32.67.

Latest Ratings for KMX

DateFirmActionFromTo
Feb 2017Morgan StanleyDowngradesEqual-WeightUnderweight
Oct 2016Deutsche BankUpgradesHoldBuy
Oct 2016Deutsche BankUpgradesHoldBuy

View More Analyst Ratings for KMX
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Upgrades Analyst Ratings

 

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