UPDATE: Sterne Agee Downgrades Penske Automotive Group to Neutral
Sterne Agee has published a research report on Penske Automotive Group (NYSE: PAG) and downgraded the company from Buy to Neutral.
In the report, Sterne Agee wrote, "We are downgrading our rating for PAG to Neutral from Buy and removing our price target for the stock. While we remain positive on PAG and the Dealer Group on a long-term basis, we believe current market prices are fully discounting the near-term trends. In addition, industry sales comparisons become tougher for the remainder of 2012 and the prospects of a fiscal cliff in early 2013 present additional risk which could present a more attractive entry point over the next few months."
Penske Automotive Group is currently trading down 2.75 percent from Tuesday's 31.86 closing price.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Sterne Agee