JPMorgan downgraded Lithia & Driveway to Neutral from Overweight with a price target of $335, down from $350. The company’s visibility on execution remains a challenge, the analyst tells investors in a research note. JPMorgan says that while Lithia’s same-store performance was strong in Q4, it was more than offset by weaker than expected cost control. The company’s balance sheet leverage has now moved towards the higher-end of the target range, adds the firm.
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