UPDATE: Truist Securities Upgrades Asbury Automotive Group (ABG) to Buy
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Truist Securities analyst Stephen Moore upgraded Asbury Automotive Group (NYSE: ABG) from Hold to Buy with a price target of $250.00 (from $210.00).
The analyst comments "Following yesterday’s announcement of the planned acquisition of the 8th largest dealership group in the US, we are raising our rating on ABG to Buy from Hold. We are raising our 2022 EPS estimate to $26.70 from $20.00 and our PT to $250 from $210. Based on our updated assumptions that new vehicle supply remains constrained into 2022 and following ABG’s accretion guidance for the deals, ABG is trading at a 7.5x FY2 P/E, below its hist. 8-12x range. Further, we believe mgmt's accretion estimates are highly conservative, with the potential for the company to achieve closer to $30 in EPS in 2022."
Shares of Asbury Automotive Group closed at $203.24 yesterday.
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