Group 1 Automotive price target raised to $495 from $442 at Guggenheim

Guggenheim raised the firm’s price target on Group 1 Automotive (GPI) to $495 from $442 and keeps a Buy rating on the shares. Ahead of Q4 reports, the firm is updating estimates for its auto supplier and auto dealer coverage. For suppliers, it expects “constructive” Q4 prints with EU and margin upside helping to offset a worsening China mix and FY25 outlooks to come in “generally below consensus,” the analyst tells investors in a preview. For dealers, it sees Q4 upside across its coverage on strong purchase and sales and new segment performance, though the firm believes “the buyside largely sees upside as well,” the analyst added.