AutoNation downgraded at Stephens after 16% advance since September

As previously reported, Stephens analyst Jeff Lick downgraded AutoNation (AN) to Equal Weight from Overweight with a price target of $192, down from $200. With respect to Q4, the firm made “little to no changes to our estimates,” but the analyst tells investors that four things have changed since September. Namely, the stock price has appreciated by about 16%; its 2025 EBITDA and EPS estimates are slightly lower; it now estimates that the 2025 ending share count will be about 2% higher; and it lowered its valuation multiple to reflect what it believes is slightly less EBITDA growth potential and a slight recalibration to its “AN share buyback” narrative.