Lithia & Driveway price target lowered to $400 from $500 at Evercore ISI

Evercore ISI analyst Chris McNally lowered the firm’s price target on Lithia & Driveway to $400 from $500 and keeps an Outperform rating on the shares. The autos sector “needs a few more months of patience, but there’s a potential for a meaningful turn as we head into May/June,” says the analyst, who adds that dealer surveys are improving for a third straight week despite a “frozen” start to the year with a spring rebound on the table.