CarMax price target lowered to $24 from $28 at Barclays

Barclays analyst John Babcock lowered the firm’s price target on CarMax (KMX) to $24 from $28 and keeps an Underweight rating on the shares post the fiscal Q3 report. The firm came away from the earnings call “encouraged” by the company’s “urgency and strategy.” While this is a step in the right direction, CarMax’s margins will likely be pressured in the near-term, and it could take several quarters for growth to improve, the analyst tells investors in a research note. As such, Barclays cut estimates.