Oppenheimer Assigns Outperform On CarMax Shares, $60 PT

In a research report issued today, Oppenheimer analyst Brian Nagel assigned an Outperform rating on CarMax Inc (NYSE:KMX) with a price target of $60.00.

Nagel observed, “CarMax has for a long while represented one of our favorite investment ideas. The KMX business model is complex and forces investors to often evaluate varied and potentially conflicting sector and company cross-currents. Clients have reached out to discuss our latest thinking on KMX. Here goes. Still strengthening demand dynamics and ongoing successful new center expansion portend stronger trends at KMX over the next several quarters. Near-term headwinds for the chain, however, have yet to fully abate. Street forecasts for an imminent inflection higher at KMX might prove premature. Underlying market expectations seem more grounded. Shares should continue to grind higher as investors increasingly embrace KMX’s longer term potential.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian Nagel has a total average return of 3.5% and a 59.2% success rate. Nagel has a 24.3% average return when recommending KMX, and is ranked #1155 out of 3347 analysts.

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