Lithia & Driveway price target raised to $315 from $298 at Wells Fargo

Wells Fargo raised the firm’s price target on Lithia & Driveway to $315 from $298 but keeps an Equal Weight rating on the shares. Despite a Q4 pre-tax earnings miss, the stock rose 2%, reflecting their buyback-focused capital allocation strategy update, the analyst tells investors in a research note. The near-term looks challenged however as new GPUs continue to fall, the firm added.