UBS Cuts Price Target and Estimates on AutoNation (AN) Following 3Q
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UBS maintained a Sell rating on AutoNation Inc. (NYSE: AN), and cut the price target to $43.00 (from $47.00), following the company's 3Q earnings report. UBS lowered 2016 EPS estimates from $4.15 to 4.05.
Analyst Colin Langan commented, "AN shares traded down 4% on Friday following a sales and margin miss. New vehicle ss sales fell 6.2% vs. consensus of -2.0%. AN also reported a 220bps y/y increase in SG&A to 70.7% of gross (vs. cons. of 67.6%), driven by aggressive OEM incentives. SG&A is expected to increase 100bps seq. in Q4 and remain elevated through 2017 as AN invests in the roll-out of AN USA and the expansion of its collision and auction stores. We maintain our Sell rating given the continued new & used margin pressure."
Shares of AutoNation Inc. closed at $43.87 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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