Wells Fargo lowered the firm’s price target on Lithia & Driveway to $259 from $275 and keeps an Equal Weight rating on the shares. The firm notes Lithia & Driveway fell -6% after a Q3 miss on interest. The Pendragon deal is expected to close in Q4. Wells sees long-term upside from the DMS U.S. JV w/ Pinewood. That said, the near term looks challenged as GPUs fall.
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