Wells Fargo lowered the firm’s price target on Lithia & Driveway to $248 from $290 and keeps an Equal Weight rating on the shares. The firm notes Lithia & Driveway traded down 6% after a Q1 EPS miss and new GPUs falling faster than expected. The Pendragon acquisition negatively impact GPUs and SG&A and resulted in Lithia & Driveway adjusting its 2030+ targets. Wells expects new GPUs to normalize by year-end.
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