Lithia & Driveway price target lowered to $315 from $335 at JPMorgan

JPMorgan lowered the firm’s price target on Lithia & Driveway to $315 from $335 and keeps an Overweight rating on the shares. The firm adjusted targets in the auto dealership group following the Q2 report. The risk/reward profiles in the group are more balanced following the recent selloffs, but re-rating potential is still “elusive” in the near-term, the analyst tells investors in a research note. JPMorgan has moved to a less negative stance on the sector on improving organic growth.