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Fly News Breaks for February 11, 2020
ABG
Feb 11, 2020 | 06:15 EDT
BofA analyst John Murphy upgraded Asbury Automotive to Buy from Neutral but lowered his price target to $120, down from $125. The analyst is adjusting his model to reflect the number of the company's dealer divestitures and the later-than-planned closing of its Park Place acquisition, but also sees the 15% year-to-date pullback in the stock price offering investors a good entry point. At its current price, Murphy says Asbury Automotive is trading at a forward earnings multiple of 8.9-times vs. its peer group average of 9.5-times.
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