Craig-Hallum analyst Ryan Sigdahl lowered his price target for Lithia Motors to $170 from $200 on a lower assumed premium to comps given its temporary margin pressures. The analyst notes that the company delivered "strong" 7% year over year same-store sales growth in a declining SAAR environment driven by strength in its used vehicle business. However, profitability was capped by elevated OpEx as the company integrates recent acquisitions and positions for a "banner year of growth" in 2020, he adds. Sigdahl maintains a Buy rating on the shares and recommends buying the pullback.

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Lithia Motors is readying to cut hundreds of positions following a collapse in the supply of used vehicles after the COVID-19 pandemic, the Financial Times' Peter Campbell reports, citing people with knowledge of the matter. Lithia, which acquired Pendragon dealerships and its used car marketplace CarStore this year, plans to shutter CarStore and cut about 250 jobs across the UK. Reference Link