CarMax price target lowered to $65 from $82 at Baird

Baird analyst Craig Kennison lowered the firm’s price target on CarMax to $65 from $82 and keeps an Outperform rating on the shares. The analyst said they reported disappointing results as car buyers face higher prices and rising rates. He said although he got CarMax wrong in 2022, he believes it is too late to downgrade and expects affordability to improve in 2023.