UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Asbury Automotive Group on Raised FY2013 EPS Estimate

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Asbury Automotive Group ABG, and raised its price target from $28.00 to $35.00. Deutsche Bank noted, “Asbury Automotive continues to perform at a high-level…factors included a lower-than-expected tax rate (3 cent positive vs est's), new unit growth (+20% vs U.S. industry up 12%), F&I per-unit (up $100 YOY), and strong SG&A cost control (SG&A / gross down 250bp's YOY). We are raising our FY2013 EPS estimate to $2.91 from $2.78 and initiating a 2014 estimate of $3.15. The stock currently trades at 12x / 11.5x our 2013 / 2014 estimates, inline with historical average and we maintain Hold rating based on valuation.” Asbury Automotive Group closed on Tuesday at $35.81.