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Fly News Breaks for February 6, 2017
AN
Feb 6, 2017 | 07:08 EDT
Evercore ISI analyst Michael Montani downgraded AutoNation to Hold saying CY17 is shaping up to be an investment year and reduced estimates. The analyst said the AutoNation USA brand extension strategy means fewer franchised acquisitions and more pre-open expense for this year and next. As a result, he reduced CY17 earnings estimate to $4.10 from $4.25, CY18 to $4.50 from $4.60 and sees EBIT margin down 30bps year-over-year for the first 9 months on stepped up investment spend/lingering GPU pressure and EBIT dollars down year-over-year.
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