RBC Capital downgraded CarMax (KMX) to Sector Perform from Outperform with a price target of $34, down from $59. The company announced the exit of CEO Bill Nash and guided Q3 comps well below consensus, the analyst tells investors in a research note. RBC finds it unclear how much of the announcement is due to a worsening macro environment verses company-specific issues. However, “neither is a great outcome,” the firm contends.
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