BofA lowered the firm’s price target on Penske Automotive to $175 from $180 and keeps a Buy rating on the shares. The Q1 results were mixed for the automotive industry, with traditional car makers beating expectations and electric vehicle manufacturers missing, while suppliers came in a bit weaker and dealers were solid, the analyst tells investors in a research note. Suppliers provided soft outlooks for 2024 as production levels may remain flattish, BofA adds. The firm says execution is key when waiting for the cyclical recovery to take hold.
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