Buckingham analyst Glenn Chin upgraded CarMax to Buy from Neutral, but cut its price target to $76 from $84 citing valuation. The analyst cannot discount concerns over intensifying competition and same-store unit cops, but said the 40M unit used vehicle market is sufficiently large enough and fragmented that it can support several large successful players. Chin also sees several catalysts to drive CarMax shares higher including continued earnings growth, abnormally strong used vehicle values, easing same-store comps, the nationwide roll-out of CarMax's omni-channel strategy, buybacks, and potentially reduced FED tightening.