Group 1 Automotive initiated with an Overweight at Barclays

Barclays analyst John Babcock initiated coverage of Group 1 Automotive (GPI) with an Overweight rating and $510 price target The firm rolled out coverage on the auto retail sector with a neutral view. Sector fundamentals are mixed, but the dealers offer “resiliency and strong shareholder returns,” the analyst tells investors in a research note. Barclays is constructive on the growth outlook for the digital auction marketplaces as it sees the companies gaining shared from physical auctions.