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CarMax Added to Tactical Outperform List at Evercore

Investing.com
·1-min read

By Sam Boughedda

Investing.com -- CarMax Inc (NYSE:KMX) stock is trading higher Monday after Evercore ISI analyst Michael Montani initiated a Positive Tactical Trading Idea on the stock, adding it to the firm's "Tactical Outperform" list.

CarMax shares have gained 1.4%, although they are still down 28.8% in 2022. Montani raised the price target on CarMax to $105 from $85, maintaining an In Line rating.

According to The Fly, in a note to investors, the analyst said that ahead of the company's earnings in late June, he sees sequential improvement across pricing, unit volume, and credit trends.

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Montani believes this should mark a turning point for the stock as "the bad news of double-digit spring comp declines is widely understood."

He added that Carvana 's (NYSE:CVNA) updated operating strategy, which confirmed a sequential uptick in unit demand and gross profit per unit trends in the second quarter, is positive for CarMax.

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