AutoNation price target raised to $215 from $183 at Guggenheim

Guggenheim raised the firm’s price target on AutoNation (AN) to $215 from $183 and keeps a Buy rating on the shares. Franchise auto dealers reported Q1 results that generally outpaced consensus estimates, but reactions were generally negative despite strong results on a mix of heavier SG&A, positioning, or “other idiosyncratic noise,” the analyst tells investors. The firm expects better SG&A performance from the group in Q2 with market tailwinds and increased focus, the analyst added.