CarMax price target raised to $75 from $72 at Truist

Truist raised the firm’s price target on CarMax to $75 from $72 but keeps a Hold rating on the shares after its Q3 earnings beat that was driven by better CarMax Auto Finance provisions. The company’s sales should remain challenged due to significant affordability headwinds, and these are not expected to change anytime soon, the analyst tells investors in a research note. Given the dependence of the earnings model on sales growth, the environment for CarMax “remains highly unfavorable”, the firm added.