Lithia & Driveway price target raised to $334 from $300 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Lithia & Driveway to $334 from $300 and keeps a Neutral rating on the shares following the Q4 report. The company’s updated capital allocation strategy places share repurchases on parity with acquisitions, the analyst tells investors in a research note. The firm says new vehicle GPUs are expected to continue to normalize throughout fiscal 2024, which remains a near-term headwind for Lithia & Driveway.