BUZZ-J.P. Morgan cuts CarMax PT, says co needs to discuss structural concerns

Reuters04-15

** J.P. Morgan cuts used-car retailer CarMax PT to $55 from $60, reiterates "underweight" rating

** Brokerage says KMX's recent Q4 results, where it missed estimates, warrants a broader debate on structural aspects like market share and unit economics in the near- to medium-term

** KMX said last week it might not meet its long-term vehicle sales target, signaling a slower recovery in the used car market

** "We don’t see the justification for historical average multiples to hold right now just because ‘things might be fine by FY27/FY28’ particularly when the second-largest pure-play public peer (Carvana ) is relatively outperforming" - JPM

** CarMax delayed its goal to sell over 2 million combined retail and wholesale units annually to between 2026 and 2030, from its prior target of 2026

** Nine of 18 brokerages rate the stock "buy" or higher, seven "hold" and two "sell"; their median PT is $80.86

** Up to Friday's close, stock has fallen ~7% YTD

(Reporting by Kannaki Deka)

((Kannaki.Deka@thomsonreuters.com))

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Morgan cuts CarMax PT, says co needs to discuss structural concerns\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-15 21:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>** J.P. 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