BofA resumed coverage of CarMax (KMX) with an Underperform rating and $40 price target after the company reported Q4 sales of $5.96B, down 1% year-over-year but above the Street at $5.74B, and EPS below expectations as unit declines moderate from lower prices. While “constructive” on CarMax’s overall long-term strategy, the firm cites continued comp unit declines and market share loss for its Underperform rating.
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