CarMax price target lowered to $55 from $60 at JPMorgan

JPMorgan lowered the firm’s price target on CarMax to $55 from $60 and keeps an Underweight rating on the shares following the fiscal Q4 report. The results showed no organic growth as well as reduced margins, the analyst tells investors in a research note. The firm believes the recent stretch of CarMax results warrants a broader debate on structural aspects like market share and unit economics in the near- to medium-term to provide comfort around the company’s long-term earnings potential.