Citi cuts AutoNation price target to $240, keeps Buy rating

Citi analyst Michael Ward lowered his price target on AutoNation Inc. (NYSE: AN) to $240 from $255, while maintaining a Buy rating on the stock.

Ward noted that the dealer group's financial performance declined in the third quarter compared to the first half of the year, though results remain above pre-pandemic levels. The analyst also pointed to U.S. light vehicle sales holding up better than market expectations, with easier comparisons expected in the fourth quarter and into 2027.

According to Ward, AutoNation has reduced its share count by 60% since the beginning of 2021 through share repurchase activity, and the analyst expects the pace to continue given the company's financial position.

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