Truist analyst Scot Ciccarelli reiterated a Hold rating on the shares of CarMax Inc (NYSE: KMX) with an unchanged price target of $72.00.
The analyst lowered the Q3 FY24 used unit comparable estimate to a decline of 2% from a growth of 2.0% prior.
If realized, this would mark the 8th straight quarter of comp declines for CarMax and represent another deceleration on a geo-stack basis relative to 2Q, writes the analyst.
The analyst also lowered the gross profit estimate to $619 million from $644 million due to the lower unit projection.
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