Guggenheim analyst Ali Faghri lowered the firm’s price target on Lithia & Driveway to $332 from $343 and keeps a Buy rating on the shares after the company reported a Q4 earnings miss compared to Street expectations. In light of stronger peer results, the firm believes the stock’s reaction yesterday was largely due to the "sizeable" SG&A miss and weakness across new volumes. The firm’s 2023 estimate have been lowered, but it says it now has visibility that earnings will likely trough in 2023, could return to growth in 2024 and "meaningfully accelerate" into 2025.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on LAD:
- Lithia & Driveway price target raised to $262 from $233 at Wells Fargo
- Lithia & Driveway falls -8.6%
- Lithia & Driveway reports Q4 EPS $9.05, consensus $10.10
- Lithia & Driveway (LAD) Increases Revenue 11% and Reports Diluted EPS of $9.00
- Lithia & Driveway downgraded to Equal Weight from Overweight at Wells Fargo
