Asbury Automotive downgraded to Hold yesterday at Craig-Hallum

As previously reported yesterday, Craig-Hallum analyst Ryan Sigdahl downgraded Asbury Automotive to Hold from Buy with an unchanged price target of $230 following the company’s Q4 report, citing industry headwinds and expectations for “mixed fundamentals” in 2024. The firm thinks the stock will have a hard time outperforming until margins have rebased and “accounting noise from TCA transitions lessens,” the analyst told investors.