CarMax price target lowered to $60 from $63 at Evercore ISI

Evercore ISI analyst Michael Montani lowered the firm’s price target on CarMax to $60 from $63 and keeps an In Line rating on the shares. Following the company’s quarterly report, Montani is reducing Q4 and FY24 comp and EPS estimates to account for softer retail demand, lower auto finance profit, and a lack of buybacks. While he remains constructive on CarMax longer term, he contends that underperformance year-to-date is "warranted by EPS cuts" and he doesn’t believe "investors need to rush in."