Mizuho analyst David Bellinger lowered the firm’s price target on CarMax (KMX) to $36 from $46 and keeps a Neutral rating on the shares following the Q3 report. The firm says the “business is in retreat” with pricing adjustments and increased marketing spend going into place. Mizuho believes CarMax’s Q4-to-date trends “remain decidedly negative.” It reduced estimates following the earnings report.
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Read More on KMX:
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- CarMax Earnings Call: Sales Slide, Cost Cuts Intensify
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