Guggenheim analyst Jonathan Elias lowered the firm’s price target on Lithia & Driveway to $320 from $332 and keeps a Buy rating on the shares after the company reported a Q1 earnings miss that was "optically driven by weaker DFC results," but this was largely due to a reclassification of net charge-offs. Adjusting for this, SG&A/GP would have "disappointed" relative to Street expectations, but still have been within management’s 61-64% outlook, says the firm, which notes that its 2023 EPS moves lower, but it remains positive as the firm continues to believe that 2023 represents trough earnings.
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Published first on TheFly
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