Needham lowered the firm’s price target on Sonic Automotive (SAH) to $90 from $95 but keeps a Buy rating on the shares. The company saw steady Q3 outperformance in its franchise business, though this was weighed against continued volatility at EchoPark against a choppy used auto recovery, the analyst tells investors in a research note. Needham adds that it is remaining bullish longer term given Sonic’s premium brand exposure and differentiated EchoPark model driving unit growth over an extended time horizon.
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