FMP
CarMax’s Price Target Cut at Mizuho Ahead of Q1 Earnings
Jun 18, 2024 2:12 PM - Davit Kirakosyan
Image credit: FMP
Mizuho analysts lowered their price target for CarMax (NYSE:KMX) to $72 from $75, while maintaining their Neutral rating on the stock, ahead of the company’s upcoming Q1/25 earnings report, scheduled to be announced on June 21. The analysts cited data that indicates another weak performance in used vehicle unit comps. Although used vehicle prices have eased, they remain nearly 30% above 2019 levels.
The analysts also noted that Carvana's value-focused approach and efforts to source more vehicles priced at or below $20,000 are likely driving incremental market share gains at the expense of CarMax in the near term.
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