UBS Q2 Review on Sonic Auto (SAH): Units Sales Beat Industry but Underperformed peer AutoNation (AN)

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UBS maintains a 'Neutral' on Sonic Auto (NYSE: SAH) price target of $18.00 (from $17.00).

Analyst, Colin Langan's highlighted points include: 1) Q2 operationally in-line; full year guidance raised slightly; 2) Honda (NYSE: HMC) & Toyota (NYSE: TM) incentives hurt margins (SAH's new units sales beat the industry but underperformed peer AutoNation (NYSE: AN) given a less favorable brand mix); and 3) Convert tender on track; raising 2012 EPS (from $1.65 to $1.70) but lowering 2013-15.

For an analyst ratings summary and ratings history on Sonic Auto click here. For more ratings news on Sonic Auto click here.

Shares of Sonic Auto closed at $16.46 yesterday, with a 52 week range of $10.11-$19.05.

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