Truist initiated coverage of CarMax with a Hold rating and $66 price target. The company is a top operator in used vehicle retailing thanks to its size, massive inventory availability, omni-channel capabilities, and customer friendly operations that offers a ‘no-haggle experience’, the analyst tells investors in a research note. The firm adds however that CarMax sales have declined for four straight quarters, and it expects trends to remain depressed due to sharply higher used vehicle prices and interest rates.
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Published first on TheFly
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