Asbury Automotive price target lowered to $215 from $225 at JPMorgan

JPMorgan lowered the firm’s price target on Asbury Automotive (ABG) to $215 from $225 and keeps an Underweight rating on the shares. The firm adjusted targets in the auto dealership group following the Q2 report. The risk/reward profiles in the group are more balanced following the recent selloffs, but re-rating potential is still “elusive” in the near-term, the analyst tells investors in a research note. JPMorgan has moved to a less negative stance on the sector on improving organic growth.