In a report published Wednesday, Morgan Stanley analyst Ravi Shanker reiterated an Overweight rating on Penske Automotive Group PAG, and raised the price target from $46.00 to $50.00.
In the report, Morgan Stanley noted, “PAG is different in many ways from the other dealers we cover. PAG checks most of the boxes that we look for in a dealer - geographic diversification, M&A policy, relative insulation from macro and secular headwinds and less reliance on customer pay.”
Penske Automotive Group closed on Tuesday at $47.91.
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