Read How Needham Rates CarMax Post Investor Day

by Shivani Kumaresan, Benzinga Staff Writer

July 14, 2022 2:18 PM | 1 min read |

Needham analyst Chris Pierce has reiterated the Hold rating on CarMax Inc KMX after the conclusion of the company’s investor day.
The analyst is optimistic about CarMax’s ability to take an additional share in the used vehicle market, potentially at a faster pace as the industry shifts from offline to online.
Pierce believes the company’s omnichannel efforts are starting to bear fruit, and it can deliver tools on par with digitally native peers.
CarMax sees heightened competition from digitally native operators and bulked-up franchise dealers post industry consolidation. However, the company is absorbing the higher advertising and technology expenses associated with adopting an omni-channel operating model.
Price Action: KMX shares are trading lower by 2.14% at $88.66 on the last check Thursday.