Penske Automotive downgraded to Equal Weight from Overweight at Stephens

Stephens analyst Rick Nelson downgraded Penske Automotive to Equal Weight from Overweight with a price target of $185, up from $156. The firm is increasing its 2023 and 2024 operating EPS estimates, driving its higher target, but notes that shares have outperformed the group in the last 12 months and it argues that the “valuation appears more fair today.”