Wells Fargo Upgrades AutoNation Inc. (AN) to Market Perform; More Favorable View of Sector

Wells Fargo upgraded AutoNation Inc. (NYSE: AN) from Underperform to Market Perform with a price target range $31-33.

Wells analyst said, "We are tweaking estimates for our auto retail coverage to reflect a stronger-than-expected Q1 sales pace, and upgrading our rating on AutoNation given a generally more favorable view of the sector, built-in earnings upside potential related to recent share repurchase activity, and a more narrow valuation disparity between AN shares and the peer group...AutoNation's FY2012E goes from $2.18 to $2.30 and FY2013E goes from $2.44 to 2.68."

For an analyst ratings summary and ratings history on AutoNation Inc. click here. For more ratings news on AutoNation Inc. click here.

Shares of AutoNation Inc. closed at $33.20 yesterday.

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