Morgan Stanley raised the firm’s price target on Penske Automotive to $115 from $107 and keeps an Underweight rating on the shares as part of a broader research note on Auto Dealers. The group’s Q4 results suggest that the new vehicle market continues to demonstrate resilience, with new car prices holding up higher for longer, the analyst tells investors in a research note. The firm also notes “slower EV adoption and stronger Japanese share”, with a large Japanese OEM exposure that positions dealers favorably for a return in supply.
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