BofA raised the firm’s price target on Penske Automotive to $180 from $175 and keeps a Buy rating on the shares. The firm has trimmed its new vehicle same-store sales estimates for the auto dealers “slightly” given softer volumes in Q1 relative to BofA’s estimates, the analyst tells investors in a automotive industry Q1 preview note. However, the firm expects dealer performance to remain resilient, the analyst added.
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