UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Penske Automotive Group on Unique Attributes

In a report published Wednesday, Morgan Stanley analyst Ravi Shanker reiterated an Overweight rating on

, 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.