KeyBanc Starts Group 1 Automotive (GPI) at Buy; Experienced Management Team Has Company Well Positioned

KeyBanc initiates coverage on Group 1 Automotive (NYSE: GPI) with a Buy. PT $63.00.

KeyBanc analyst said, "We are initiating coverage of GPI with a BUY as: 1) an experienced management team has GPI well positioned, having integrated its acquisitions, diversified across geography and deleveraged its balance sheet, to execute and grow the automotive retailer business model; 2) catalysts exist for near and longer-term increases in the U.S. light vehicle SAAR-in particular, a near-term inventory recovery from the Japanese automakers (64% of sales) could serve as a catalyst for the stock; 3) management has demonstrated that acquisitions remain a top priority, and given the Company's size and share count, this could materially impact results...We are introducing earnings estimates of $3.64 (First Call consensus $3.66) for 2011 and $4.20 (First Call consensus $4.14) for 2012."

For an analyst ratings summary and ratings history on Group 1 Automotive click here. For more ratings news on Group 1 Automotive click here.

Shares of Group 1 Automotive closed at $50.31 yesterday.

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