Jefferies Starts Asbury Automotive Group (ABG) at Hold

Jefferies initiates coverage on Asbury Automotive Group (NYSE: ABG) with a Hold rating and a price target of $60.00.

Analyst Bret Jordan commented, "We believe ABG’s industry leading execution, strong used retail and parts & service mix, and solid capital deployment strategy position the company for outperformance longer term. However, a potentially softening new retail environment coupled with product mix overweight in "margin challenged" mid-line import and luxury vehicles could limit earnings growth in the near term. We initiate with a Hold rating and $60 PT."

For an analyst ratings summary and ratings history on Asbury Automotive Group click here. For more ratings news on Asbury Automotive Group click here.

Shares of Asbury Automotive Group closed at $53.93 yesterday.

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