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AN

AutoNation

$50.49

0.83 (1.67%)

, SAH

Sonic Automotive

$21.70

0.5 (2.36%)

08:22
07/10/18
07/10
08:22
07/10/18
08:22

AutoNation, Sonic Automotive double downgraded to Underweight at Morgan Stanley

Morgan Stanley analyst Armintas Sinkevicius double downgraded AutoNation (AN) and Sonic Automotive (SAH), each to Underweight from Overweight, as he took over coverage of the auto dealer stocks at the firm. Longer term, he is constructive on dealers, citing a belief that tech disruption could accelerate consolidation and set up a transition toward "megafleet managers." However, given that the market is over 9 years into the auto cycle, he sees limited potential for a re-rating of the multiples of auto dealer's stocks, Sinkevicius tells investors. In supporting his view, he notes that both stocks trade at a premium to the rest of the group. Sinkevicius also retains an Underweight rating on Group 1 Automotive (GPI) given its premium valuation.

AN

AutoNation

$50.49

0.83 (1.67%)

SAH

Sonic Automotive

$21.70

0.5 (2.36%)

GPI

Group 1 Automotive

$72.23

2.09 (2.98%)

AN AutoNation
$50.49

0.83 (1.67%)

12/04/17
MOFT
12/04/17
INITIATION
MOFT
Neutral
AutoNation initiated with a Neutral at MoffettNathanson
11/06/17
WELS
11/06/17
NO CHANGE
Target $50
WELS
Market Perform
AutoNation price target raised to $50 from $40 at Wells Fargo
Wells Fargo analyst David Lim raised his price target for AutoNation to $50 from $40 following quarterly results. The analyst reiterates a Market Perform rating on the shares.
04/16/18
GUGG
04/16/18
INITIATION
GUGG
Neutral
AutoNation initiated with a Neutral at Guggenheim
Guggenheim analyst Ali Faghri initiated AutoNation with a Neutral rating.
03/14/18
MSCO
03/14/18
NO CHANGE
MSCO
Morgan Stanley raises U.S. auto sales forecasts through 2021
Morgan Stanley analyst Adam Jonas raised his U.S. seasonally adjusted annual rate, or SAAR, forecast for automakers by an average of 850,000 units from 2018 through 2021, which represents slightly more than a 5% increase from his prior forecast. However, his average U.S. SAAR forecast is still well below last year's 17.3M units and 8% under the cyclical high of 17.6M units in 2016. Jonas points to U.S. tax reform and "relatively stable" recent trends in auto sales and credit as reasons for the hike, noting that while infrastructure action from the federal government could be a material positive, it is not explicitly in his new forecast. Adding that the higher view has a net positive impact on estimates and price targets for exposed auto Original Equipment Manufacturers, or OEMs, and suppliers, Jonas raised his price targets on General Motors (GM), Asbury Automotive (ABG), AutoNation (AN), Group 1 Automotive (GPI), Lithia Motors (LAD), Penske Automotive (PAH), Sonic Automotive (SAH) and Ford (F). He also double upgraded Ford, to Overweight from Underweight, this morning.
SAH Sonic Automotive
$21.70

0.5 (2.36%)

10/19/17
10/19/17
DOWNGRADE
Target $19

Sonic Automotive downgraded to Underperform at BofA/Merrill
As previously reported, BofA/Merrill downgraded Sonic Automotive to Underperform from Neutral and cut its price target to $19 from $21. Analyst John Murphy said the US North American automotive cycle is entering a downturn which will pressure profits across the value chain and Sonic's SG&A leverage remains elevated due to new business initiatives which will continue to weigh on earnings.
01/08/18
BOFA
01/08/18
UPGRADE
Target $23
BOFA
Neutral
Sonic Automotive upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill analyst John Murphy upgraded Sonic Automotive to Neutral and raised its price target to $23 from $19 to reflect higher earnings due to tax reform.
GPI Group 1 Automotive
$72.23

2.09 (2.98%)

01/05/18
BUCK
01/05/18
UPGRADE
Target $89
BUCK
Buy
Group 1 Automotive upgraded to Buy from Neutral at Buckingham
Before the open, Buckingham analyst Glenn Chin upgraded Group 1 Automotive to Buy from Neutral after raising his 2018 EPS estimates across his spectrum of auto retail coverage by 17% on average to account for a materially lower tax rate. He raised his price target on Group 1 shares to $89 from $86.
03/20/18
BUCK
03/20/18
DOWNGRADE
BUCK
Neutral
Group 1 Automotive downgraded to Neutral from Buy at Buckingham
04/16/18
GUGG
04/16/18
INITIATION
GUGG
Neutral
Group 1 Automotive initiated with a Neutral at Guggenheim
Guggenheim analyst Ali Faghri initiated Group 1 Automotive with a Neutral rating.

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Dollar Tree

$81.15

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Bank of America

$28.42

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FISV

Fiserv

$77.15

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JPMorgan

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GoPro

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MNST

Monster Beverage

$53.29

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PNC Financial

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Citi

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