Argus analyst Stephen Biggar raised his price target on CarMax to $110 in spite of its Q3 earnings beat that was driven by the company's higher SG&A expenses and infrastructure investment in new stores. The analyst is lowering his FY20 and FY21 EPS views by 13c and 14c to $5.23 and $5.65 respectively but keeps his Buy rating on the stock with a positive view on the company's "new omnichannel approach to car buying" that offers customers the option of completing their purchases without entering a store. Biggar adds that at 17.7-times his forward earnings estimate, CarMax shares trade around the midpoint of their 5-year historical average and appear "attractively valued".