UPDATE: Goldman Sachs Downgrades Group 1 Automotive Inc. (GPI) to Sell
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(Updated - November 22, 2016 9:04 AM EST)
Goldman Sachs downgraded Group 1 Automotive Inc. (NYSE: GPI) from Neutral to Sell with a price target of $59, implying downside of 16%. Analyst David Tamberrino said its share price is detached from fundamentals.
"Following the US election results, GPI shares have increased 24% vs. the S&P500 +3% and our overall coverage +6%, outperformance that we attribute to potential benefits of a possible lower corporate tax rate. However, our fundamental view of the company remains unchanged and our 6-month price target now shows 16% downside. When coupled with our below-consensus 2016 and 2017 EPS estimates (1% and 1.6% below the Street, respectively), continued headwinds from Texas/Oklahoma exposure in the US as well as post-Brexit UK exposure, we now expect shares to underperform peers," said Tamberrino.
Shares of Group 1 Automotive Inc. closed at $70.51 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- BTIG Cuts PT on Workday (WDAY) to $88 Following Q3 Results; Affirms at 'Buy'
- Jefferies Cuts Price Target on PG&E Corp. (PCG) to $65 Following Rate Case Decision
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Related EntitiesGoldman Sachs, Standard & Poor's
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!