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Fly News Breaks for October 13, 2016
PAG
Oct 13, 2016 | 06:19 EDT
Evercore ISI analyst Michael Montani downgraded Penske Automotive to Sell to reflect the likely decline in UK sales due to Brexit and a peak in the US market. Montani said sees risk to Penske's UK sales that are 33% of revenues and said they are likely to decline in the low double digits. He sees UK registrations dropping 10%+ over a 2-3 years and expects Street estimates to adjust down for a flat to down US retail SAAR. Montani has a $39 price target on Penske shares.
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