Asbury Automotive Group (ABG) PT Lowered to $55 at Jefferies
- European stocks hit three-week low as Trump reality sets in
- Unease over Trump sends dollar to one-and-half month low
- Oil eases after two-day gain, rising U.S. production weighs
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Jefferies analyst Bret Jordan reiterated a Hold rating and lowered his price target on Asbury Automotive Group (NYSE: ABG) to $55.00 (from $60.00) following the Q3 miss.
Jordan commented, "Q3 adj. EPS of $1.52 came in below our est. of $1.63 and consensus of $1.60. Weak new vehicle margins (-7%) and softer used retail margins (-1%) were offset by strong P&S margin growth (+7%). Although used volumes continue to face margin headwinds from growing off-lease supply, we note that ABG could benefit from higher CPO growth and we expect strong P&S and F&I to drive near-term EPS expansion."
The firm cut FY 2016 EPS from $6.11 to $5.93 and FY 2017 EPS from $6.62 to $6.22.
Shares of Asbury Automotive Group closed at $50.25 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Checkpoint Software (CHKP) PT Raised to $94 at Stifel Following 4Q Beat
- Barclays Upgrades Cabot Oil & Gas (COG) to Overweight
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!