KeyBanc Downgrades Penske Automotive Group (PAG) to Hold; Valuation Call - Still Like Long-Term
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Price: $218.07 --0%
Rating Summary:
9 Buy, 10 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 8 | New: 13
Rating Summary:
9 Buy, 10 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 8 | New: 13
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KeyBanc downgraded Penske Automotive Group (NYSE: PAG) from Buy to Hold.
Analyst, Brett D. Hoselton, said, "Following Penske Automotive Group, Inc.'s (PAG-NYSE) 1Q12 earnings release and subsequent conference call, we are downgrading to HOLD based entirely on valuation as the stock has effectively reached our price target...We are raising our earnings estimate to $2.15 from $1.98 (First Call Consensus $2.01) for 2012 and to $2.28 from $2.20 (First Call Consensus $2.27) for 2013."
Hoselton said the long-term outlook remains solid on: 1) U.S. light vehicle outlook; 2) U.K.'s new vehicle sales continue performing well; 3) SG&A as % of gross profit to improve; 4) Margin improvement; and 5) Continue with smart acquisitions.
For an analyst ratings summary and ratings history on Penske Automotive Group click here. For more ratings news on Penske Automotive Group click here.
Shares of Penske Automotive Group closed at $26.84 yesterday.
Analyst, Brett D. Hoselton, said, "Following Penske Automotive Group, Inc.'s (PAG-NYSE) 1Q12 earnings release and subsequent conference call, we are downgrading to HOLD based entirely on valuation as the stock has effectively reached our price target...We are raising our earnings estimate to $2.15 from $1.98 (First Call Consensus $2.01) for 2012 and to $2.28 from $2.20 (First Call Consensus $2.27) for 2013."
Hoselton said the long-term outlook remains solid on: 1) U.S. light vehicle outlook; 2) U.K.'s new vehicle sales continue performing well; 3) SG&A as % of gross profit to improve; 4) Margin improvement; and 5) Continue with smart acquisitions.
For an analyst ratings summary and ratings history on Penske Automotive Group click here. For more ratings news on Penske Automotive Group click here.
Shares of Penske Automotive Group closed at $26.84 yesterday.
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