Evercore ISI Lowers CarMax Price Target to $80.00, Maintains 'Outperform' Rating

Evercore ISI Group analyst Michael Montani maintains an "Outperform" rating for CarMax (KMX) with a lowered price target of $80.00 USD, a 2.44% decrease from the prior figure. This follows recent upgrades and initiations by JP Morgan, Benchmark, Mizuho, Morgan Stanley, and Truist Securities. CarMax is the largest used-vehicle retailer in the US, with a 3.7% market share of vehicles 0-10 years old in calendar 2024.

July 02, 2025 - Evercore ISI Group has raised its price target on Summit Therapeutics plc (NASDAQ: SMMT) to $34.00, maintaining an "Outperform" rating on the stock. The company’s shares are currently trading at $28.25, having shown remarkable strength with a 157% return over the past year [1].

The price target increase comes as Summit Therapeutics broke its streak of holding quarterly conference calls, opting instead for a standard press release and 10-Q filing without explanation. The company had previously conducted earnings calls for ten consecutive quarters since December 2022, when it announced the ivonescimab collaboration agreement. Despite reporting negative EBITDA of $235.37 million, InvestingPro data shows the company maintains strong liquidity with a current ratio of 10.63 [1].

Evercore ISI noted the timing coincides with early July reports that Summit Therapeutics is involved in significant partnership discussions, suggesting the company’s sudden "radio silence" may be related to these potential negotiations [1]. The research firm expressed a bullish stance on Summit Therapeutics, recommending investors buy the stock given what it describes as "near-term strategic optionality" ahead of the fall conference season [1].

Evercore ISI anticipates the upcoming period will be "data-filled" and potentially "volatile" for the biopharmaceutical company, which focuses on developing innovative therapies [1]. In other recent news, Summit Therapeutics has been the focus of several analyst ratings and strategic collaborations. H.C. Wainwright maintained a Buy rating and a $44.00 price target for Summit Therapeutics following a collaboration agreement with Revolution Medicines [2]. This partnership aims to develop combinations of Revolution’s RAS(ON) inhibitors with Summit’s ivonescimab. Meanwhile, UBS initiated coverage with a Buy rating and a $30.00 price target, highlighting the potential of Summit’s lead cancer drug candidate, ivonescimab, which could become a new standard in non-small cell lung cancer treatment [2]. Clear Street also initiated a Buy rating with a $30.00 price target, noting the significance of the clinical collaboration with Revolution Medicines [2].

Conversely, Leerink Partners initiated coverage with an Underperform rating and a $12.00 price target, despite acknowledging the strength of Summit’s ivonescimab [2]. Cantor Fitzgerald reiterated an Overweight rating, observing a shift in Summit’s management towards more openness to 50/50 partnership structures [2]. These recent developments reflect a mixed but generally positive outlook from analysts regarding Summit Therapeutics’ strategic moves and product potential [2].

References:
[1] https://ng.investing.com/news/analyst-ratings/summit-therapeutics-stock-price-target-raised-to-34-by-evercore-isi-93CH-2056995
[2] https://www.investing.com/news/analyst-ratings/summit-therapeutics-stock-price-target-raised-to-34-by-evercore-isi-93CH-4184579