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Fly News Breaks for June 22, 2016
BBT, WFC, HBAN, KMX
Jun 22, 2016 | 07:22 EDT
Piper Jaffray analyst Kevin Barker said CarMax's (KMX) earnings report and associated commentary point toward continued pressure on used car prices in the coming months, which he sees pressuring earnings and revenue for banks most exposed to the auto sector, particularly Huntington Bancshares (HBAN), Wells Fargo (WFC) and BB&T (BBT).
News For KMX;HBAN;WFC;BBT From the Last 2 Days
WFC
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WFC
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KMX
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JPMorgan lowered the firm's price target on CarMax to $55 from $60 and keeps an Underweight rating on the shares following the fiscal Q4 report. The results showed no organic growth as well as reduced margins, the analyst tells investors in a research note. The firm believes the recent stretch of CarMax results warrants a broader debate on structural aspects like market share and unit economics in the near- to medium-term to provide comfort around the company's long-term earnings potential.
