CarMax Shares Down: What's Going On?
Portfolio Pulse from Lekha Gupta
CarMax Inc's shares are trading lower by around 4% after Needham analyst Chris Pierce reiterated a Hold rating on the stock. Pierce noted the used auto industry is becoming less fragmented as larger players expand shares. He is confident in CarMax's ability to boost share over the long term on Edmunds acquisition and the benefits of omnichannel and AI/ML investments. However, he remains cautious on near-term share gain, with CarMax having less leverage to 10+ year-old vehicles.
October 18, 2023 | 5:04 pm
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CarMax's shares are down after a Hold rating was reiterated by a Needham analyst. The analyst is confident in CarMax's long-term prospects but remains cautious on near-term gains.
The drop in CarMax's shares is likely due to the Hold rating reiterated by the Needham analyst. While the analyst is confident in the company's long-term prospects, he remains cautious on near-term gains, which could be causing investor uncertainty and leading to the drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100