Lithia & Driveway price target raised to $430 from $350 at BofA

BofA raised the firm’s price target on Lithia & Driveway to $430 from $350 and keeps a Buy rating on the shares. The firm is rolling forward its valuation basis to 2024 and subsequently adjusting price targets across its autos coverage, noting that its targets generally move higher for original equipment manufacturers and suppliers. Since 2020, the auto industry has “been starved for volumes, but the tide is turning,” says BofA, which notes that volumes have exceeded expectations in 2023 so far, particularly in the U.S., while volumes in Europe have “surprised to the upside.”