UPDATE: BofA Securities Upgrades Asbury Automotive Group (ABG) to Buy

(Updated - February 11, 2020 6:59 AM EST)

(updating PT and comment)

BofA Securities analyst John Murphy upgraded Asbury Automotive Group (NYSE: ABG) from Neutral to Buy, PT $120.00 (form $125.00).

The analyst comments "...we are upgrading ABG stock from Neutral to Buy, as we believe the recent pull-back in ABG stock (down 15% YTD and 23% from recent Dec ‘19 high) presents a good entry point for investors. Specifically, at the current stock price of $94.86, ABG is trading at 8.9x P/E (on our 2020 estimates), below the group average of 9.5x, and our new price objective of $120 implies 27% upside from current price levels."

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 $94.86 yesterday.

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