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Fly News Breaks for December 18, 2019
Dec 18, 2019 | 08:59 EDT
RBC Capital analyst Scot Ciccarelli raised his price target on CarMax to $108 and kept his Outperform rating ahead of its Q3 earnings this week, saying that the company's comps headwinds have started to ease and its vehicle depreciation rates are "normalizing". The analyst adds that while the expense growth at CarMax remains elevated, its "omni-channel rollout has had early positive results". Ciccarelli also expects the company to generate an improved earnings flow-through in FY21-22.
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