Stephens analyst Daniel Imbro raised the firm’s price target on Sonic Automotive (SAH) to $60 from $55 and keeps an Overweight rating on the shares. The firm is adjusting estimates for the auto retailers, reflecting broadly stronger new vehicle results, partially offset by higher floorplan interest costs, adding that its “favorite longs into earnings” are Group 1 Automotive (GPI) and Asbury Automotive (ABG).
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