CarMax price target lowered to $53 from $64 at Stephens

Stephens analyst Daniel Imbro lowered the firm’s price target on CarMax to $53 from $64 and keeps an Equal Weight rating on the shares. CarMax’s Q3 EPS was negatively impacted by lower volumes and elevated SG&A expense, while losing market share towards the end of the quarter due to competitors’ pricing actions, Imbro tells investors in a research note. As prices fall, demand should improve, but with limited visibility into the pace of improvements, Imbro says it is too early to recommend putting capital to work.