Oppenheimer Says Use Any Weakness In CarMax As Buying Opportunity

Oppenheimer's Brian Nagel reiterated CarMax, Inc (NYSE: KMX)'s Outperform rating and $60 price target.

Nagel's constructed inventory tracker indicator hinted at a rebound in sales recently. "Our proprietary KMX inventory tracker has improved on a YoY basis over the past three weeks following 18 weeks of declines, signaling to us a recent potential uptick in sales," stated the analyst.

The analyst still was concerned of declining used car sales, however, and "market sentiment remains subdued." Additionally, declining new car sales do not help CarMax's situation.

CarMax closed at $52.96, down up 2 percent.