Sonic Automotive price target lowered to $58 from $71 at Benchmark

Benchmark lowered the firm’s price target on Sonic Automotive (SAH) to $58 from $71 and keeps a Buy rating on the shares. The firm reduced its estimates after Sonic’s Q1 miss, but it views the miss as "explainable" largely by inventory realignment at EchoPark and delayed delivery related to a stop sale at Stellantis (STLA). However, the base operations of the dealer model have improved and "the positive variables that have driven record financial performance are likely to continue," the analyst argues.