Evercore ISI lowered the firm’s price target on CarMax to $78 from $80 and keeps an In Line rating on the shares ahead of the company reporting its fiscal Q2, or August-end, results on Thursday before the market opens. The firm, which is “looking for a clean F2Q beat” and sees the Street EPS estimate as “likely to track higher,” says “the bad news is we are reducing our EPS medium term,” citing moderating consumer purchasing power, tighter credit impacting new and used car demand and the potential impact of the UAW strike and student debt repayments restarting.
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