Wedbush analyst Seth Basham lowered the firm’s price target on CarMax to $80 from $90 and keeps an Outperform rating on the shares. Used car industry performance remains soft, CarMax is struggling to turn the corner to market share gains as it maintains strong gross profit per unit, and CAF income is at risk, the firm notes. Yet, even with a near-term overhang from the macro and its finance business, Wedbush believes early-cycle CarMax is well positioned to emerge from this downturn a share winner.
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