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Fly News Breaks for December 23, 2019
Dec 23, 2019 | 07:48 EDT
Wedbush analyst Seth Basham raised his price target for CarMax to $90 from $80 on valuation, while reiterating a Neutral rating on the shares. The analyst notes that the company reported Q3 comps that missed elevated buy side expectations and earnings that sharply missed buy side and sell side expectations. While some factors weighing on Q3 earnings were transitory, such as elevated stock-based compensation, others such as the costs of a longer warranty period will linger, he argues, adding that advertising costs should decline, but so could the related boost to comps.
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