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CarMax assumed with an Overweight at Morgan Stanley

Morgan Stanley analyst Daniela Haigian assumed coverage of CarMax (KMX) with an Overweight rating and $80 price target The company’s fourth consecutive quarter of mid-high single-digit same store growth, strength in GPU, gross profit per unit, and demonstrable operating leverage were partially offset by an uncertain outlook weighing on second-half volumes and an evolving CAF – CarMax Auto Finance – strategy, the analyst tells investors in a research note. Carmax has the right strategy in place to continue to see retail volume growth via expanded reconditioning capacity, more profitable sourcing channels, expanding CAF financing penetration, and omnichannel optionality for consumers, the firm added.

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