RBC Capital analyst Steven Shemesh raised the firm’s price target on CarMax (KMX) to $37 from $34 and keeps a Sector Perform rating on the shares. The company’s Q3 results were in line to slightly better than the soft guidance provided intra-quarter, and the firm believes that interim management’s decision to invest in price/advertising to improve competitive positioning is the right long-term decision, though it will inevitably put pressure on EPS near-term, the analyst tells investors in a research note.
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