J.P. Morgan has revised its Dec-2011 price target on shares of CarMax Inc. KMX, raising its PT to $34, up from $31. “[We] base it on an unchanged 17x P/E which is now applied to our revised F2013 EPS of $2.00,” J.P. Morgan writes.
“While we remain positively inclined to this fundamentally strong (due to long-term growth potential from its unique business model) and well managed company, we maintain our Neutral rating mainly on valuation.”
J.P. Morgan has also made some adjustments to its estimates, adding, “We upwardly revise our F2012e and F2013e EPS each by $0.05 to $1.85 and $2.00, respectively after KMX reported F3Q EPS of $0.36 slightly ahead of Bloomberg consensus ($0.34) but in-line with JPM estimate. Shares, however, declined -8% (vs. S&P 500's +0.6%) likely on concerns regarding future gross margin per used vehicle retailed.”
CarMax Inc. closed Tuesday at $31.84.
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