In a report released today, Michael Ward from Citi upgraded Sonic Automotive to a Buy, with a price target of $82.00.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Michael Ward’s rating is based on several factors that are expected to positively influence Sonic Automotive’s stock performance. He anticipates that industry data in the coming month will alleviate some of the pressures that have been affecting the company since the earnings season. Specifically, improvements in supply constraints within the EchoPark segment are expected in the fourth quarter.
Additionally, Ward forecasts that U.S. light vehicle sales, particularly in the luxury segment, will align with typical seasonal trends in November and December. These developments are considered favorable for Sonic Automotive, contributing to his optimistic outlook and Buy rating for the stock.
In another report released on October 30, Benchmark Co. also maintained a Buy rating on the stock with a $85.00 price target.