Opinions
Karen Firestone, CEO, Aureus Asset Management
CarMax
KMX-N
BUY
Jun 23, 2023
$86.210
Stock price when the opinion was issued
Automotive
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Their quarter topped sales and profit estimates. Fantastic. It's what she's been waiting for. Used car units are down 10%, but a quarter ago they were down 20%. Shares have been rising since March but peaked at $155 in 2021 and today trades at $85. Carmax's inventory has been building, unlike their peers, while their online operations are strong. Prices are stabilizing and let's see if that continues, up 1% YOY and 4% during the quarter. This trend will help Carmax.