JPMorgan lowered the firm’s price target on Lithia & Driveway to $335 from $345 and keeps an Overweight rating on the shares after the company announced preliminary Q2 results. The headline beat was largely driven by other income, with the core results weaker than expected, the analyst tells investors in a research note. JPMorgan sees a negative read for the sector from the results.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LAD:
- Morning Movers: Wells Fargo falls following second quarter results
- Lithia & Driveway sees Q2 EPS $9.70-$10.00, consensus $8.53
- Lithia & Driveway price target raised to $364 from $305 at Wells Fargo
- Lithia & Driveway price target raised to $500 from $430 at BofA
- Lithia & Driveway acquires two Mercedes-Benz stores in the Southeast region