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Fly News Breaks for August 24, 2018
PAG
Aug 24, 2018 | 07:08 EDT
SunTrust analyst Stephanie Benjamin initiated Penske Automotive with a Buy rating and a price target of $60. The analyst expects the company to outperform in the "difficult" auto dealer market thanks to its diversified business segments which include heavy duty truck retailing, brand mix with strong off-lease opportunities, and its used car expansion strategy. Benjamin adds that Penske Auto's 9-times forward earnings multiple is near the low end of its historical 8- to 13-times range.
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