Sonic Automotive price target raised to $40 from $35 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Sonic Automotive to $40 from $35 and keeps an Underweight rating on the shares as part of a broader research note on Auto Dealers. The group’s Q4 results suggest that the new vehicle market continues to demonstrate resilience, with new car prices holding up higher for longer, the analyst tells investors in a research note. The firm also notes “slower EV adoption and stronger Japanese share”.