CarMax assumed with an Outperform at Wedbush

Wedbush analyst Scott Devitt assumed coverage of CarMax (KMX) with an Outperform rating and $90 price target Last Thursday, CAF reported securitization trust data for the month of April. While trends turned less positive on a sequential basis versus the prior month, the data has remained healthy year-over-year, the firm notes. Wedbush does not yet see cause for concern, given delinquency and loss trends for newer securitizations are trending better relative to older securitizations, the extension rate is relatively stable year-over-year, and the prior month is typically the most favorable month of the year as consumers receive tax refunds and pay off outstanding loans.