Auto1 Group initiated with an Underweight at Morgan Stanley

Morgan Stanley analyst Pete-Veikko Kujala initiated coverage of Auto1 Group with an Underweight rating and EUR 4.60 price target. The company offers investors exposure to the increasing digital penetration of Europe’s used car market, but will need to balance growth and profitability for 2-3 years longer than consensus expects, given the costs needed to drive growth, the analyst tells investors in a research note.