<p>Needham 分析师 Chris Pierce 重申了对 KMX 股票的中性立场，今天给予了持有评级。</p>
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<p>Chris Pierce 给予持有评级是基于与 CarMax 当前定位和未来不确定性相关的多种因素。他认为管理层重新强调更精准定价可能成为销售量改善的潜在催化剂，特别是在一个全渠道环境中，公司不需要太多的运营杠杆就能实现盈利增长。同时，股票的估值在绝对水平上看起来具有吸引力，表明当前价格并不昂贵。</p>
<p>然而，Pierce 认为，关于激进定价和更广泛的长期战略如何最终转化为可持续的利润增长和市盈率扩张仍然缺乏清晰度。他相信，投资者可能会等待更明确的执行证据后再重新评估该股票，特别是考虑到 CarMax 现在面临着最严峻的竞争环境，从争夺传统经销商的市场份额转向抵御数字优先竞争对手的挑战。这种合理的估值与不明确的上行潜力的结合支撑了他维持持有评级而不是转向更积极推荐的决定。</p>
<p>在今天发布的另一份报告中，瑞穗证券也维持了该股票的持有评级，目标价为 36.00 美元。</p>

车美仕

<p>Needham 分析师 Chris Pierce 对 CarMax (KMX) 股票维持持有评级，原因是估值具有吸引力，但战略上存在不确定性。Pierce 强调管理层对定价的关注可能成为销售的催化剂，但指出长期利润增长不明确。瑞穗证券也维持 $36.00 的目标价，反映出类似的观点</p>

<p>Needham analyst Chris Pierce has reiterated their neutral stance on KMX stock, giving a Hold rating today.</p>
<div class="lb-trans"><p>Needham 分析师 Chris Pierce 重申了对 KMX 股票的中性立场，今天给予了持有评级。</p>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Chris Pierce has given his Hold rating due to a combination of factors tied to CarMax’s current positioning and future uncertainties. He views management’s renewed emphasis on sharper pricing as a potential catalyst for better sales volumes, especially in an omni-channel environment where the company does not need as much operating leverage to grow earnings. At the same time, the stock’s valuation appears attractive on an absolute basis, suggesting the shares are not expensive at current levels.</p>
<div class="lb-trans"><p>Chris Pierce 给予持有评级是基于与 CarMax 当前定位和未来不确定性相关的多种因素。他认为管理层重新强调更精准定价可能成为销售量改善的潜在催化剂，特别是在一个全渠道环境中，公司不需要太多的运营杠杆就能实现盈利增长。同时，股票的估值在绝对水平上看起来具有吸引力，表明当前价格并不昂贵。</p>
</div><p>However, Pierce sees a lack of clarity around how aggressive pricing and the broader long-term strategy will ultimately translate into sustainable profit growth and multiple expansion. He believes investors will likely wait for clearer evidence of execution before re-rating the stock, particularly given that CarMax now faces its toughest competitive backdrop yet, shifting from taking share from traditional dealers to defending share against digital-first rivals. This blend of reasonable valuation but unclear upside potential underpins his decision to maintain a Hold rather than move to a more positive recommendation.</p>
<div class="lb-trans"><p>然而，Pierce 认为，关于激进定价和更广泛的长期战略如何最终转化为可持续的利润增长和市盈率扩张仍然缺乏清晰度。他相信，投资者可能会等待更明确的执行证据后再重新评估该股票，特别是考虑到 CarMax 现在面临着最严峻的竞争环境，从争夺传统经销商的市场份额转向抵御数字优先竞争对手的挑战。这种合理的估值与不明确的上行潜力的结合支撑了他维持持有评级而不是转向更积极推荐的决定。</p>
</div><p>In another report released today, Mizuho Securities also maintained a Hold rating on the stock with a $36.00 price target.</p>
<div class="lb-trans"><p>在今天发布的另一份报告中，瑞穗证券也维持了该股票的持有评级，目标价为 36.00 美元。</p>
</div>

车美仕：估值具有吸引力，但战略上升空间不确定，维持持有评级