Wells Fargo raised the firm’s price target on AutoNation to $169 from $153 and keeps an Equal Weight rating on the shares. The firm notes shares traded up following a Q1 beat and $250M in buybacks year-to-date, with $1B more authorized. New GPU declines were as expected, and used GPUs recovered slightly quarter-over-quarter. SG&A to gross performance quarter-over-quarter was better than peers, Wells adds.
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