Lithia & Driveway price target lowered to $300 from $360 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Lithia & Driveway to $300 from $360 and keeps a Buy rating on the shares. While results remain relatively strong compared to historical performance, Lithia & Driveway missed Street expectations across several key metrics, the firm notes. The used vehicle retailing environment is challenging with low supply, competitive inventory acquisition and interest rates limiting the ability to pass along higher costs to consumers, Craig-Hallum adds.