S&P Equity Research Downgrades Group 1 Automotive (GPI) to Hold
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S&P Equity Research downgrades Group 1 Automotive (Nasdaq: GPI) from Strong Buy to Hold.
S&P analyst, E. Levy, says, "S&P economics believes that we are likely in a recession already, and we recently lowered our industrywide U.S. new vehicle forecast by 400,000 units to 15.3M, down 5% from 2007. The impact of reduced borrowing costs from rate cuts should be partly offsetting, but we are trimming our '08 EPS estimate for GPI by $0.06 by $3.19. We are also lowering our 12-month target price by $2 to $30 based on P/E analysis. Despite what we view as depressed valuations, we believe the economic environment has lowered the visibility of earnings."
Group 1 Automotive, Inc. is an operator in the automotive retail industry.[SM]
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