CarMax price target lowered to $84 from $88 at Baird

Baird lowered the firm’s price target on CarMax to $84 from $88 and keeps an Outperform rating on the shares. The firm said results fell short as payment-sensitive buyers wait for a more affordable market while noting CarMax is investing in the omnichannel strategy with a recovery in mind, but with volume still 8% below pre-shutdown levels, profits continue to run well below potential.