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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PAG:
- Penske Automotive price target lowered to $135 from $136 at JPMorgan
- Penske Automotive Advises Stakeholders on Financial Updates
- Penske Automotive Group Unveils Vital Market Insights
- Penske Automotive reports Q4 adjusted EPS $3.45, consensus $3.69
- PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY AND FULL YEAR 2023 RESULTS
