Wells Fargo raised the firm’s price target on AutoNation (AN) to $208 from $207 and keeps an Equal Weight rating on the shares. The firm notes the company’s Q1 EPS beat was driven by surprisingly strong gross margin, partially offset by higher SG&A. However, the CEO warned that U.S. sales were trending below his down 2%-5% expectations. AutoNation also now sees higher SG&A/gross given investment needs.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AN:
- AutoNation Earnings Call: Services, Finance Offset Sales Headwinds
- Midday Fly By: Apple reports Q2 beat, oil majors post mixed results
- Morning Movers: Roblox and Western Digital sink after earnings
- AutoNation reports Q1 adjusted EPS $4.69, consensus $4.61
- Notable companies reporting before tomorrow’s open