Lithia & Driveway initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Lithia & Driveway with an Outperform rating and $400 price target. Lithia, a “leader” in the Franchise Dealer space, is rapidly growing through inorganic M&A, while also operating in captive vehicle leasing as well as online/DTC sales, the analyst tells investors. Among the auto dealers, Lithia offers “extra upside on tech-forward offerings & acquisitions,” the analyst added.