UPDATE: Stifel Nicolaus Raises PT to $50 on Lithia Motors on Execution
Stifel Nicolaus maintained Lithia Motors (NYSE: LAD) with a Buy rating and raised the price target from $40.00 to $50.00.
Stifel Nicolaus commented, "LAD execution remained on point in 4Q12, in our view. In general, we believe results held steady to prior trends, were consistent with reports from public peer groups, and leave LAD well positioned to continue growing and leveraging its scale/efficiencies in the year ahead. Service comp sales were perhaps the highlight of 4Q12, as it appears no other dealer had the same broad-based success across each discrete line of business. We were encouraged to hear management characterize the M&A environment as the "best since going public" and speak to near-term growth into the eastern U.S."
Lithia Motors closed at $41.16 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.