CarMax price target lowered to $51 from $53 at Stephens

Stephens analyst Daniel Imbro lowered the firm’s price target on CarMax to $51 from $53 and keeps an Equal Weight rating on the shares. The firm is lowering its EPS estimates ahead of the company’s fiscal Q4 as it believes the used vehicle backdrop remained difficult for much of the quarter. The firm continues to believe Street CAF earnings estimates appear too high next year, creating a potential for downward revisions after the quarterly report, the analyst tells investors.