RBC Capital analyst Steven Shemesh lowered the firm’s price target on CarMax (KMX) to $80 from $103 and keeps an Outperform rating on the shares. The company posted strong Q4 results and indicated that momentum has carried forward into Q1, the analyst tells investors in a research note. The stock price weakness on the print is likely related to the management’s expectation for higher loan loss provisions in Q1 along with the broader macro dynamics and is likely overdone, RBC adds.
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