In a report published Wednesday, Goldman Sachs analyst Matthew J. Fassler downgraded the rating on CarMax KMX from Buy to Neutral, but raised the price target from $53.00 to $55.00.
In the report, Goldman Sachs noted, “Over the past four quarters, KMX has begun to deliver on the promise of improving used vehicle supply, driving accelerating SSS growth, fine-tuning its expense management, and meeting or exceeding earnings expectations, ending a period of sustained underperformance. Since being added to the Buy list on 11/29/2012, KMX is +43% vs. +20% for the S&P 500 and +26% for the S&P Retail Index (RLX). At the same time, data from recent securitizations suggests credit profits are likely to decline in 2014; tougher compares in the core business and credit dynamics are likely to lead to slowing earnings growth. We lower our rating to Neutral.”
CarMax closed on Tuesday at $51.79.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in