JPMorgan analyst Rajat Gupta raised the firm’s price target on Sonic Automotive to $52 from $50 and keeps a Neutral rating on the shares. The analyst says the relative risk/rewards remain favorable for the U.S. franchise auto dealerships heading into the Q3 results even though the revision cycle will likely take a “breather.” The share pullbacks provide some compelling entry points, said the firm, which established 2024 year-end price targets.
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