Asbury Automotive Group (ABG) PT Raised to $73 at Jefferies Following 4Q

Jefferies raised its price target on Asbury Automotive Group (NYSE: ABG) to $73.00 (from $64.00) while maintaining a Hold rating.

Analyst Bret Jordan commented, "Q4 adj. EPS of $1.56 beat our est. of $1.42 and consensus of $1.43 as lower SG&A to gross (69.3% vs. our 71.2% est) benefited from better-than-expected cost control and lower rent expense. Strong top-line trends saw new and used retail comps of 3% & 7% beat our est. of -3% & flat, respectively, with P&S comp of 8% in line with our est. while retail gross margin trends remained challenged by slowing demand."

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