CarMax Analysts Boost Their Forecasts After Upbeat Q1 Results

Benzinga Earnings

Jun 18

CarMax (NYSE:KMX) reported better-than-expected earnings for the first quarter on Wednesday.

The company posted quarterly earnings of $1.31 per share which beat the analyst consensus estimate of 94 cents per share. The company reported quarterly sales of $8.014 billion which beat the analyst consensus estimate of $7.410 billion.

The company introduced a new growth strategy centered on four pillars: improving offerings, enhancing customer experience, maximizing transaction value, and running lean operations. CarMax said the company remains on track to deliver $200 million in SG&A savings this fiscal year.

“I came to CarMax because I saw a strong foundation, an award-winning, people-first culture, and significant potential to unlock growth. Three months in, I am more convinced than ever that this is a business with everything it needs to thrive,” said Keith Barr, President and Chief Executive Officer.

CarMax shares rose 0.2% to $47.50 in pre-market trading.

These analysts made changes to their price targets on CarMax following earnings announcement.

B of A Securities analyst John Murphy maintained the stock with an Underperform rating and raised the price target from $40 to $45.
Mizuho analyst David Bellinger maintained the stock with a Neutral and raised the price target from $38 to $43.

Considering buying KMX stock? Here’s what analysts think:

Photo via Shutterstock

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Three months in, I am more convinced than ever that this is a business with everything it needs to thrive,” said Keith Barr, President and Chief Executive Officer.</p>\n<p>CarMax shares rose 0.2% to $47.50 in pre-market trading.</p>\n<p>These analysts made changes to their price targets on CarMax following earnings announcement.</p>\n<ul>\n<li>B of A Securities analyst John Murphy maintained the stock with an Underperform rating and raised the price target from $40 to $45.</li>\n<li>Mizuho analyst David Bellinger maintained the stock with a Neutral and raised the price target from $38 to $43.</li>\n</ul>\n<p><strong>Considering buying KMX stock? 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The company reported quarterly sales of $8.014 billion which beat the analyst consensus estimate of $7.410 billion.</p>\n<p>The company introduced a new growth strategy centered on four pillars: improving offerings, enhancing customer experience, maximizing transaction value, and running lean operations. CarMax said the company remains on track to deliver $200 million in SG&amp;A savings this fiscal year.</p>\n<p>“I came to CarMax because I saw a strong foundation, an award-winning, people-first culture, and significant potential to unlock growth. Three months in, I am more convinced than ever that this is a business with everything it needs to thrive,” said Keith Barr, President and Chief Executive Officer.</p>\n<p>CarMax shares rose 0.2% to $47.50 in pre-market trading.</p>\n<p>These analysts made changes to their price targets on CarMax following earnings announcement.</p>\n<ul>\n<li>B of A Securities analyst John Murphy maintained the stock with an Underperform rating and raised the price target from $40 to $45.</li>\n<li>Mizuho analyst David Bellinger maintained the stock with a Neutral and raised the price target from $38 to $43.</li>\n</ul>\n<p><strong>Considering buying KMX stock? 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