Citi raised the firm’s price target on Lithia & Driveway to $383 from $378 and keeps a Buy rating on the shares. The firm also added an “upside 30-day catalyst watch” on Lithia, saying the recent share selloff is overdone and creates an opportunity. The firm expects Lithia to be active in acquisitions now that trade agreements have opened up the potential for deals. It adds that lowered interest rates, should the Federal Reserve begin to cut in September, is a positive for the entire auto dealer sector.
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