Morgan Stanley raised the firm’s price target on AutoNation (AN) to $220 from $195 and keeps an Overweight rating on the shares. Intra-quarter data continues to show stability in auto and consumer data and dealers are poised to continue to deliver on earnings into the second half, says the analyst, who marked to market the firm’s dealer models and reiterates auto retail as the firm’s “favorite” vertical within Autos. The firm, which remains selective with “best-in-class operators,” recognizes that the year-to-date stock price appreciation reflects an investor base that has “priced in this earnings resiliency.” Among the dealer group, the firm has Overweight ratings on Group 1 Automotive (GPI), AutoNation and Penske Automotive (PAG).
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