Lithia Motors (LAD) PT Raised to $445 at Jefferies after Earnings Beat by $1.13
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Jefferies analyst Bret Jordan raised the price target on Lithia Motors (NYSE: LAD) to $445.00 (from $389.00) after the company reported Q1 adj. EPS of $5.89, ahead of consensus of $4.76, driven by better-than-expected sales, margins, and SG&A leverage. . Demand for both new and used vehicles remains strong, and the company has adequate inventory to capitalize on these trends in the near term. New vehicle same-store sales were +29.4% yr/yr during Q1 as same-store unit volume increased 22.0% while average selling prices were +6.1%. sed retail same-store sales were +32.0% yr/yr as same-store unit volume increased 19.4% while average selling prices were +10.5%.
The analyst reiterated a Buy rating, stating "Demand for both new and used vehicles remains strong, and we note that LAD appears well positioned, with adequate inventory to capitalize on these trends in the near term. Further, we remain encouraged by the longer-term growth potential of Driveway and LAD's significant M&A growth opportunities."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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