Jefferies Maintains Rating, PT On CRMT

Jefferies is maintaining its Hold rating and its $28 price target on America's Car-Mart CRMT following the release of the company's F4Q11 results. Says Jefferies, in the report, “CRMT reported FQ411 diluted EPS of $0.78 or $0.10 above Street consensus of $0.68. Positives for the quarter included $93.8M of sales revenue, which topped our estimate of $89.5M, driven mainly by larger than forecasted sales volume and strong same store revenue growth of 9.5%. A 180bp Y/Y decline in gross margins was the only negative to an otherwise solid quarter.” CRMT closed yesterday at $28.13.