JPMorgan says ‘pain far from over,’ too early to jump in at CarMax

JPMorgan analyst Rajat Gupta keeps a Neutral rating and $60 price target on CarMax shares following the company’s Q3 report, arguing that it is "too early to jump in" with the "pain far from over" in the used car market. Gupta still believes CarMax is likely to be a long-term share gainer in the used car market, but the path to realizing the potential of investments made over the last three years continues to get pushed out, making it hard to call the magnitude of normalized margins, the analyst tells investors.