Benchmark analyst Michael Ward raised the firm’s price target on Penske Automotive to $196 from $175 and keeps a Buy rating on the shares. About 70% of Penske’s Automotive Retail revenue comes from Premium Brands, which is the highest percentage of the auto dealer group and historically, buyers of Premium Brand vehicles are less effected by economic cycles, which mitigates risk in the firm’s view, the analyst tells investors in a post-earnings note.
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