AutoNation, Inc. has inked a strategic partnership with American professional soccer club Inter Miami CF. Under the terms of the agreement, the automotive retailer is to become the soccer club’s official and exclusive automotive partner.
The partnership entitles AutoNation (AN) to naming rights of Inter Miami CF’s stadium and branding of training kits. It also includes extensive TV and digital exposure with rights to the Inter Miami Digital Live stream.
AutoNation will become the sponsor of the ‘Saves’ campaign. The program calls for $100,000 in donations for every save that the Inter Miami goalkeeper makes. Funds donated as part of the campaign will go towards cancer research.
After gaining more than 43% in 2020 AutoNation shares are up 34% year to date. (See AutoNation stock analysis on TipRanks)
The partnership affirms AutoNation and Inter Miami’s commitment to driving out cancer through soccer and a strong fan base.
“DRV PNK Stadium is about driving awareness of a proven mission that has risen over $26million in the fight against cancer. Our partnership with Inter Miami, one of the most dynamic soccer clubs, will help fund research,” said Marc Cannon, AutoNation’s EVP and Chief Customer Experience Officer.
Morgan Stanley’s analyst Adam Jonas maintains a Sell rating on the stock. The analyst has a share price target of $60, implying 35% downside potential to current levels.
Overall, the stock has a Hold consensus rating among Wall Street analysts based on 3 Holds and 1 Sell. The average analyst price target of $75.75 implies 18.6% downside potential to current levels.
The stock scores 4 out of 10 on the TipRanks Smart Score rating system, implying a neutral stance on its expected performance.
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