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Fly News Breaks for February 1, 2017
KMX
Feb 1, 2017 | 08:40 EDT
As previously reported, Morgan Stanley downgraded CarMax to Underweight from Equal Weight and lowered its price target to $48 from $52. Analyst Adam Jonas expects used car prices to come under pressure due to increased supply and deteriorating inventory sourcing mix. Jonas believes the fall in prices, combined with ADAS driven new vehicle sales, can have a material impact on CarMax shares before it begins to hurt profits.
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