J.P. Morgan cuts CarMax PT, says co needs to discuss structural concerns

** J.P. Morgan cuts used-car retailer CarMax KMX PT to $55 from $60, reiterates "underweight" rating

** Brokerage says KMX's recent Q4 results, where it missed estimates, warrants a broader debate on structural aspects like market share and unit economics in the near- to medium-term

** KMX said last week it might not meet its long-term vehicle sales target, signaling a slower recovery in the used car market

** "We don’t see the justification for historical average multiples to hold right now just because ‘things might be fine by FY27/FY28’ particularly when the second-largest pure-play public peer (Carvana CVNA) is relatively outperforming" - JPM

** CarMax delayed its goal to sell over 2 million combined retail and wholesale units annually to between 2026 and 2030, from its prior target of 2026

** Nine of 18 brokerages rate the stock "buy" or higher, seven "hold" and two "sell"; their median PT is $80.86

** Up to Friday's close, stock has fallen ~7% YTD