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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