JPMorgan analyst Rajat Gupta lowered the firm’s price target on CarMax to $55 from $60 and keeps an Underweight rating on the shares. The analyst expects the company’s fiscal Q4 results to come in below consensus. The used car backdrop remains challenging as sustained affordability pressures from still elevated used car prices and rising rates weigh on demand, the analyst tells investors in a research note.
Published first on TheFly
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