CarMax gains despite JPMorgan downgrade

CarMax (KMX.US) stock erased pre-market losses and is trading slightly higher on Wednesday despite the fact that JPMorgan downgraded the used car seller to "underweight" from "neutral" and maintained a price target of $60.00. Analysts pointed to deteriorating margin profile and low visibility on used car market normalization next year, while hopes for a recovery looks “premature.”

CarMax (KMX.US) shares plunged 53% in 2022, but have risen over 30 % from December lows. Last week price broke above key resistance at $65.00, which coincides with 78.6% Fibonacci retracement of the upward wave launched in March 2020, downward trendline and 200 SMA (red line). As long as price sits above these levels, upward move may accelerate towards major resistance at $76.45, where November highs are located. Source: xStation5

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