AutoNation price target lowered to $228 from $230 at Guggenheim

Guggenheim lowered the firm’s price target on AutoNation (AN) to $228 from $230 and keeps a Buy rating on the shares. Several franchise auto dealers reported Q2 results that outpaced consensus estimates, but reactions were generally negative despite strong results, the analyst noted. While previously concerned about how the group would trade into an SAAR slowdown, the recent pullback in the group, as well as the positive inflection in sales in July, helps “de-risk the near-term setup,” the analyst added in a sector note.