CarMax (KMX) Drops 15% After a 'Horrendous' Earnings Report

General Motors (GM) Closes at $33 IPO Price; Morgan Stanley Remains Neutral

Morgan Stanley reiterated an in-line rating and $42.00 price target on General Motors (GM) after the automotive company closed at its $33 IPO Price on Thursday. GMs share price has appreciated 0% over what some analysts believe may have been one of the greatest areas of consumer credit/auto credit tailwinds in history. Over the same time,... More

UBS Updates Global Auto Model on Weak Macro Data: 'Goodbye Auto Production Recovery'

UBS Research updated its global auto model as they believe falling demand will keep 2023 production flat compared to last year.

Analyst, Patrick Hummel wrote in a note that it is overwhelmingly likely that rapidly weakening macro data have a severe negative impact on auto demand in 2023, in all... More

CarMax (KMX) Second Quarter Story is of 'Demand Destruction' - Morgan Stanley

CarMax's (NYSE: KMX) quarterly results, released premarket on Thursday, demonstrated the current strain on US consumers.

Inflation soaring and interest rates rising have weighed significantly on consumer spending. As a result, CarMax's earnings results missed consensus expectations.

The company stated several macroeconomic factors... More

JPMorgan on CarMax (KMX): 'Expect a Strong Negative Reaction'

JPMorgan analyst Rajat Gupta reiterated a Neutral rating and {REMOVEPT} price target on CarMax (NYSE: KMX)

The analyst comments "Expect a strong negative reaction. $0.79 vs JPM $1.37 vs buy-side around ~$1.25. Broad miss across all key metrics including unit growth, SG&A leverage,... More

Evercore ISI Stays Sidelined on CarMax (KMX) Noting Tough Industry Backdrop

Evercore ISI analyst Michael Montani reiterated an In Line rating and $90.00 price target on CarMax (NYSE: KMX).

The analyst comments "CarMax is winning market share amidst a tough industry backdrop. It is not buying volume. CarMax retail used unit comps of -8.3% YoY (-6.4% units) was less negative than the -12% YoY F1Q drop (stimulus cycle... More

Morgan Stanley on CarMax (KMX): 'The story of KMX's 2Q is clear: demand destruction'

Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $124.00 price target on CarMax (NYSE: KMX).

The analyst comments "Same store volume down 8.3% YoY, following last quarter's -12.7% YoY, is similar to 2020 levels of unit volume decline and could be a... More

Carvana (CVNA) Trades Lower in Sympathy with CarMax (KMX) Following Disappointing KMX Results

Carvana (NYSE: CVNA) Trades Lower in Sympathy with CarMax (NYSE: KMX) Following Disappointing KMX Results