Penske Automotive price target raised to $145 from $140 at JPMorgan

JPMorgan raised the firm’s price target on Penske Automotive to $145 from $140 and keeps an Underweight rating on the shares. The analyst says the relative risk/rewards remain favorable for the U.S. franchise auto dealerships heading into the Q3 results even though the revision cycle will likely take a “breather.” The share pullbacks provide some compelling entry points, said the firm, which established 2024 year-end price targets.