CarMax downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Brian Nagel downgraded CarMax (KMX) to Perform from Outperform without a price target saying the company’s fiscal Q2 results were much weaker than expected. CarMax’s operating model is not broken, but the company fasces a “potentially elongated strategic retrenchment,” the analyst tells investors in a research note. The firm believes the company needs to market better to core consumers while contending with a potentially weakening demand backdrop.