UPDATE: Sterne Agee Raises Target on Group 1 Automotive to $63
Sterne Agee reiterates its Neutral rating on Group I Automotive (NYSE: GPI) and raises its price target to $63, up $7, reflecting the steady though modest recovery in vehicle demand in US.
Sterne Agee says, "Group 1 and the Dealer Group should continue to benefit from a modest and steady recovery in U.S. vehicle demand and cost savings from restructuring actions completed during the industry downturn. GPI's new retail unit sales were up 4.6% in 2011, about one-half the gain of the overall market owing to GPI's concentration with the Japanese brands."
GPI closed at $55.80 a share yesterday.
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