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Upgrade Alert for Carmax (KMX)

By Amy Schwartz

Carmax (NYSE:KMX) was upgraded from Hold to Buy at Deutsche Bank today. The stock closed yesterday at $51.50 on volume of 4.0 million shares, above average daily volume of 2.8 million.

In the past 52 weeks, shares of Carmax have traded between a low of $41.25 and a high of $73.76 and closed yesterday at $51.50, which is 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.0%.

CarMax, Inc. sells at retail new and used cars and light trucks. The Company purchases, reconditions, and sells new and used vehicles in its superstores and franchises throughout the United States.

Carmax (NYSE:KMX) has potential upside of 40.2% based on a current price of $51.50 and analysts' consensus price target of $72.21. The stock should find resistance at its 200-day moving average (MA) of $54.58, as well as support at its 50-day MA of $51.18.

SmarTrend recommended that its subscribers protect gains by selling shares of Carmax on September 21st, 2016 by issuing a Downtrend alert when the shares were trading at $54.06. Since that call, shares of Carmax have fallen 7.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades CarMax

Ticker(s): KMX