Group 1 Automotive price target lowered to $425 from $455 at BofA

BofA analyst John Murphy lowered the firm’s price target on Group 1 Automotive to $425 from $455 and keeps a Buy rating on the shares after updating automotive industry targets for Q4 reporting to-date. Though the sample size is still small, “the first batch of reporters has largely delivered encouraging news for the Auto industry,” says the analyst, who believes the macro backdrop included in outlooks, especially volume assumptions, “has been way too conservative” and would expect upside through the course of 2024.