As previously reported, Stephens upgraded CarMax (KMX) to Overweight from Equal Weight with a price target of $90, up from $86, ahead of the company’s Q4 report due on April 10. The firm’s call is “four pronged,” says the analyst, who cites valuation now being in-line with long-term averages; an analysis of both real-time unit sales and credit metrics that “give us comfort in our calendar 2025 estimates”; comfort in operational consistency in both credit and used unit GPU; and a belief that CarMax will likely marginally benefit from most tariff scenarios, at least in year one.
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