CarMax stock gains as JPMorgan lifts price target after strong Q2 results

CarMax stock (ISIN US1431301027) is changing hands at about USD 57.21 on the New York Stock Exchange as of September 19, 2026, leaving the used-car retailer in focus after a recent earnings beat and a notable price target increase from JPMorgan.

JPMorgan lifts target after Q2 earnings beat

According to MarketBeat on September 18, 2026, JPMorgan Chase & Co. raised its price target on CarMax from USD 60.00 to USD 70.00 while maintaining a Neutral rating on the shares.

In its latest reported quarter, CarMax posted earnings per share of USD 1.31, clearly above the consensus estimate of USD 0.96, a beat of USD 0.35 per share.MarketBeat The company reported quarterly revenue of USD 8.01 billion, ahead of analyst expectations of USD 7.42 billion and up 6.2 percent compared with the same quarter a year earlier.MarketBeat Net margin for the quarter stood at 0.84 percent and return on equity at 6.64 percent, underscoring a still thin but improving profitability profile.MarketBeat

Analyst consensus and valuation backdrop

The JPMorgan move fits into a broadly cautious but constructive analyst stance on CarMax. As of September 19, 2026, Morgan Stanley analyst Daniela Haigian maintains a Hold rating with a USD 44.00 price target, compared with a CarMax share price that recently closed at USD 58.38 on the prior trading day.The Globe and Mail In the same analyst roundup, William Blair also reiterates a Hold rating on CarMax as of September 15, 2026, highlighting ongoing skepticism about the near-term upside despite operational progress.The Globe and Mail

According to the same analysis, the consensus price target for CarMax stands around USD 52.50, implying roughly 11.5 percent downside from the level of about USD 58.38 cited as the recent closing price.The Globe and Mail This leaves JPMorgan’s upgraded USD 70.00 target clearly above the consensus, but the overall analyst picture remains mixed, with several houses preferring to wait for more evidence of sustained margin improvement and used-car demand stability.

Stock price, trading metrics and market context

Per data from Robinhood as of the trading session on September 19, 2026, CarMax stock is quoted at USD 57.21 on the New York Stock Exchange, with shares having touched an intraday high of USD 59.33 and a low of USD 56.42 during that session.Robinhood At the current USD 57.21 level, the stock trades about 1.4 percent above the day’s low and roughly 3.6 percent below the day’s high, suggesting a moderate pullback from intraday peaks.Robinhood

Robinhood data indicate a market capitalization of roughly USD 8.11 billion for CarMax at this price, with the stock trading at a price-to-earnings ratio of about 37.65 based on trailing earnings.Robinhood Trading volume in the September 19, 2026 session reached about 4.21 million shares, substantially above the average daily volume of around 1.89 million shares and pointing to heightened investor activity around the stock.Robinhood

Operational footprint and consumer backdrop

CarMax’s business model gives investors a direct lens on US consumer spending in higher-ticket items. As of September 2026, CarMax Sales Operations generate about USD 26.3 billion of the company’s roughly USD 28.2 billion business revenue, with CarMax Auto Finance contributing around USD 1.8 billion, supporting a market value near USD 8.3 billion.Simply Wall St The latest quarterly revenue increase of 6.2 percent year on year shows that demand for used vehicles and related financing remains resilient despite broader macroeconomic uncertainty.Yahoo Finance

As Yahoo Finance reported on September 18, 2026, CarMax shares were up about 12.1 percent since the company released its most recent quarterly results, with the stock then trading around USD 58.41.Yahoo Finance The strong earnings surprise and subsequent price reaction underline that investors reward CarMax when it proves it can grow volumes and maintain margins even in a cautious consumer environment.

Risks and what investors watch next

Despite the positive earnings surprise and JPMorgan’s higher price target, several risks remain in focus. Thin net margins of around 0.84 percent leave little room for error if wholesale used-car prices move unfavorably or if financing costs rise further.MarketBeat In addition, analyst consensus still reflects a cautious stance, with the average target below the current share price and multiple houses staying at Hold ratings.The Globe and Mail

For investors, the next key checkpoints will be whether CarMax can sustain mid-single-digit revenue growth and widen margins in upcoming quarters, and how used-car affordability evolves as household budgets adjust to interest-rate and inflation trends. As of September 19, 2026, analysts as a group expect full-year earnings per share of about USD 2.72 for CarMax, offering a yardstick against which future quarterly reports will be measured.MarketBeat

CarMax stock price and key figures

CarMax stock is quoted at USD 57.21 on the New York Stock Exchange as of September 19, 2026, with an intraday range between USD 56.42 and USD 59.33 and a market capitalization of about USD 8.11 billion at that level.Robinhood

More news and analyses on CarMax stock