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Sonic Automotive downgraded to Neutral from Overweight at JPMorgan
The Fly

Sonic Automotive downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Rajat Gupta downgraded Sonic Automotive to Neutral from Overweight with a price target of $55, down from $60. The company’s franchise guidance for 2023 was underwhelming and the "significant uncertainty" on EchoPark’s trajectory remains, the analyst tells investors in a research note. In addition, Sonic’s buybacks have also slowed, says the firm.

Published first on TheFly

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