CarMax price target raised to $83 from $80 at RBC Capital

RBC Capital raised the firm’s price target on CarMax to $83 from $80 and keeps an Outperform rating on the shares. While the magnitude of sales softness and SG&A savings was “somewhat surprising”, the firm is “cautious” on the pace of top-line recovery, the analyst tells investors in a research note. RBC adds however that trends are “unlikely to get materially worse” for CarMax as interest rates start to ease.