Penske Automotive assumed with an Overweight at Morgan Stanley

Morgan Stanley analyst Andrew Percoco assumed coverage of Penske Automotive (PAG) with an Overweight rating and $180 price target The firm adjusted ratings in the autos and shared mobility group as part of its 2026 outlook following a change in analysts. Morgan Stanley is “leaning more cautious” into next year, saying the electric vehicle “winter” will sustain through 2026. This is counterbalanced by a “moderately more positive” outlook on internal combustion engines and hybrids, the analyst tells investors.