UPDATE: Morgan Stanley Reiterates Underweight Rating, Raises PT on Group 1 Automotive on Challenges Ahead

In a report published Monday, Morgan Stanley analyst Ravi Shanker reiterated an Underweight rating on

, and raised the price target from $61.00 to $66.00. In the report, Morgan Stanley noted, “Brazil operations have held back the diversification benefits that GPI expected primarily driven by macro issues. Structural headwinds in US as well as portfolio re-balancing/cost resizing in Brazil and US could easily offset UK strength.” Group 1 Automotive closed on Friday at $75.56.