These Analysts Slash Price Targets On CarMax Following Downbeat Q3 Results

CarMax, Inc. KMX reported worse-than-expected Q3 results.

CarMax reported a third-quarter FY23 sales decline of 23.8% year-on-year to $6.5 billion Thursday, missing the analyst consensus estimate of $7.42 billion. EPS of 24 cents missed the consensus estimate of 72 cents.

The company paused share repurchases, given the third-quarter performance and continued market uncertainties.

CarMax shares gained 0.9% to trade at $57.70 on Friday.

These analysts made changes to their price targets on CarMax following the announcement

• B of A Securities cut the price target on CarMax from $100 to $49. B of A Securities analyst John Murphy maintained an Underperform rating on the stock.
• Evercore ISI Group slashed the price target from $63 to $60. Evercore ISI Group analyst Michael Montani maintained the stock with an In-Line.
• Oppenheimer slashed the price target on the stock from $100 to $75. Oppenheimer analyst Brian Nagel maintained the stock with an Outperform.

Check This Out: Most Affordable Stocks In The Consumer Discretionary Sector: Tesla, Ford And More