Asbury Automotive Group (ABG) PT Lowered to $55 at Jefferies
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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.
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