Penske Automotive shares have underperformed the franchise dealer group by 2,000 basis points year-to-date driven by a combination of Brexit uncertainty, Section 232 tariffs headlines, concerns around the truck cycle, and the company's "mixed" Q1 results, JPMorgan analyst Rajat Gupta tells investors in a research note. The stock has is now officially in the "attractive valuation" territory on most metrics, adds the analyst. Despite maintaining a Neutral rating on Penske, Gupta sees some potential for "near-term re-rating as some of the recent headwinds start to dissipate."