Deutsche Bank Downgrades AutoNation Inc. (AN) to Sell; Valuation Too Rich

Deutsche Bank downgraded AutoNation Inc. (NYSE: AN) from Hold to Sell with a price target of $24.00 (from $29.00).

Deutsche analyst said, "Corresponding with our reduced FY'13 SAAR est of 14.2M (vs 14.2M in '12E), we are lowering our '13 EPS est to $2.37 (consensus is $2.62) from $2.45, our target price to $24, and our rating to Sell based onv valuation...Lack of growth in 2013 could present further downside risks to estimates from margin compression (inter-dealer competition may intensify in a no-growth environment)."

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 $35.87 yesterday.

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