CarMax price target lowered to $73 from $83 at RBC Capital

RBC Capital lowered the firm’s price target on CarMax to $73 from $83 and keeps an Outperform rating on the shares. The company’s Q4 results were “noisy”, offering some green shoots but also less visibility into unit sales normalization, the analyst tells investors in a research note. With Q1-to-date trending down mid-single-digits and the CarMax management pushing out its long-term unit target, it’s tough to have much conviction in a near-term unit recovery, the firm states, adding that while earnings have likely troughed, it is acknowledging that unlocking real earnings upside “could take some time”.