CarMax price target lowered to $35 from $47 at Truist

Truist lowered the firm’s price target on CarMax (KMX) to $35 from $47 and keeps a Hold rating on the shares. CarMax is facing multiple strategic challenges and their results suggest that these factors are increasingly pressuring results, the analyst tells investors in a research note. The company’s board is trying to hit the reset button, but any new management team will have their hands full and need to reassess the relevance of CarMax’s business model in today’s environment, the firm added.