CarMax site traffic shows modest positive inflection, says RBC Capital

RBC Capital analyst Steven Shemesh keeps an Outperform rating and a $60 price target on CarMax, stating that the firm’s industry data and site traffic for the company show a "modest positive inflection". RBC warns however that while this could result in modest upside vs. consensus expectations, it is unlikely to have a material impact on investor sentiment regarding the stock as the broader economic backdrop remains challenging. While the firm is still cautious over the near-term given the uncertain macro backdrop, it continues to believe that CarMax is well-positioned to gain market share and emerge from a downturn stronger.