UPDATE: Benchmark Upgrades AutoNation Inc. (AN) to Buy
Benchmark analyst Michael Ward upgraded AutoNation Inc. (NYSE: AN) from Hold to Buy with a price target of $120.00.
The analyst comments "AutoNation's stock is up four-fold from the lows during the virus shutdown last year, but we believe there is more upside. We have upgraded the stock from Hold to Buy and set a price target of $120 per share. AutoNation, like the rest of the Dealer Group, has benefited from an acceleration in US new and used vehicle demand, positive pricing, and cost improvement. The industry recovered at a faster than expected pace following the shutdown, and production hasn't been able to keep up with demand, limiting inventory addition. Tight supplies have resulted in improved turnover, a positive shift in mix, and better pricing in both the new and used markets, leading to record financial performance. The positive trends continued in the first quarter and we expect the momentum to continue for all of 2021 and into 2022. We increased our 2021 and 2022 earnings assumptions to reflect better than expected first quarter earnings and the continuation of the positive industry trends."
Shares of AutoNation Inc. closed at $95.49 yesterday.
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