Optimistic Outlook for Sonic Automotive: Supply Improvements and Seasonal Trends Boost Buy RatingWe upgraded SAH to $82 price target. 30-day catalyst watch — We are opening up a 30-day catalyst watch for SAH based on our belief that supply constraints at EchoPark have improved and US light vehicle demand will once again follow the seasonal pattern with strength in luxury sales into year-end. Both trends, in our view, are positive for SAH. Earnings — SAH reported 3Q 2025 EPS of $1.41 versus $1.26 last year, Citi estimate for earnings of $1.63, and a consensus estimate of $1.76 (excluding unusual items). A higher-than-expected tax rate accounted for $0.14 of the miss relative to our estimate, and sourcing constraints led to lower than expected volume at EchoPark.