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Fly News Breaks for June 6, 2018
KMX
Jun 6, 2018 | 08:58 EDT
Gabelli analyst Matthew Page initiated CarMax with a Buy and $95 private market value. Page expects CarMax to benefit from a flood of off-lease vehicle returns over the next few years that will pressure residual values and increase gross profit dollars. Page also said CarMax's "no haggle" experience gives the company significant first mover advantage, as established players have tried to replicate with limited success.
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