Barclays upgraded CarMax (KMX) from “Underweight” to “Equal Weight” on July 21, simultaneously raising its price target by 65% to $61. The move signals a huge shift in the investment firm’s stance, acknowledging that management’s turnaround efforts have gained tangible traction.
The upgraded target was set to more accurately reflect the 51% increase in CarMax’s share price that had already occurred, suggesting Barclays was playing catch-up with a rally it had previously doubted.
