Morgan Stanley lowered the firm’s price target on Group 1 Automotive (GPI) to $400 from $460 and keeps an Overweight rating on the shares. Following mixed Q4 results, the firm remains selective on the auto dealer space with strong operators who can manage earnings resiliency through a variable outlook. The firm added that, in the midst of U.K. cost pressures and new vehicle softness, Group 1’s management has shown discipline in preserving gross profit per unit while after-sales continues to act as a ballast to earnings.
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