These Analysts Cut Their Forecasts On CarMax After Downbeat Q2 Results - CarMax (NYSE:KMX)

Group 1 - CarMax Inc reported second-quarter earnings per share of 64 cents, missing the analyst consensus estimate of $1.09 [1] - Quarterly sales were $6.594 billion, down 6% year over year, and also missed the expected $7.024 billion [1] - The company purchased a total of 293,000 vehicles in the second quarter, a 2.4% decrease from the previous year [1] Group 2 - CEO Bill Nash expressed confidence in the long-term strategy and earnings model despite the challenging quarter [2] - Following the earnings announcement, CarMax shares fell 0.4% to $45.41 [2] Group 3 - Needham analyst Chris Pierce maintained a Buy rating but lowered the price target from $92 to $60 [4] - Evercore ISI Group analyst Michael Montani downgraded CarMax from Outperform to In-Line, cutting the price target from $80 to $52 [4] - Baird analyst Craig Kennison maintained an Outperform rating and lowered the price target from $90 to $60 [4] - RBC Capital analyst Steven Shemesh maintained an Outperform rating and reduced the price target from $81 to $59 [4] - Truist Securities analyst Scot Ciccarelli maintained a Hold rating and lowered the price target from $74 to $47 [4]