Morgan Stanley says CarMax’s (KMX) fiscal Q1 results were “largely in line,” but notes that the report continued to show lower same store volume and higher SG&A spending. The “story” of the quarter is increased emphasis into non-prime lending, which “seems meant to address” part of the market where CarMax has been losing out to Carvana (CVNA), added the analyst, who has an Overweight rating and $80 price target on CarMax shares.
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