UPDATE: Sterne Agee Downgrades Group 1 Automotive to Neutral

Sterne Agee has published a report on Group 1 Automotive GPI and has downgraded the company from Buy to Neutral. In the report, Sterne Agee wrote, "We are downgrading our rating for GPI to Neutral from Buy and removing our price target. While we remain bullish on GPI and the Dealer Group on a long-term basis, we believe current market prices are fully discounting the positive near-term trends. In addition, industry sales comparisons become tougher for the remainder of 2012 and the prospects of a fiscal cliff in early 2013 present additional risk which could present a better entry point over the next few months." Sterne Agee removed its price target on Group 1 Automotive, which is currently trading down 2.87 percent from Tuesday's $64.38 closing price.