CarMax price target lowered to $75 from $80 at Mizuho

Mizuho lowered the firm’s price target on CarMax to $75 from $80 and keeps a Neutral rating on the shares after speaking with management. Consumers seem to be signaling purchase intent for used vehicles, but remain hesitant to transact given ongoing affordability issues, the analyst tells investors in a research note. The firm believes CarMax is making progress with its fifth consecutive quarter of sequential comp sales improvement, but believe its sales pressures will linger throughout fiscal 2024, pressuring a return to more normalized earnings growth in the process.