CarMax price target lowered to $64 from $66 at Truist

Truist analyst Scot Ciccarelli lowered the firm’s price target on CarMax to $64 from $66 and keeps a Hold rating on the shares after its Q4 results. Even though the company beat on earnings due to higher GP$/unit and slightly lower SG&A, CarMax posted another quarter of negative used comps as sales remain pressured by elevated vehicle prices/higher rates, the analyst tells investors in a research note. CarMax sales trends are expected to remain depressed for the foreseeable future, with further declines seen in CAF income, Truist added.