Shares of automotive retailer AutoNation (NYSE:AN) are rising higher today on the back of a healthy fourth-quarter performance.
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Revenue inched up 1.8% year-over-year to $6.7 billion, outperforming estimates by $180 million. EPS at $6.37 too came in ahead of consensus by $0.54. During the quarter, while new vehicle revenue increased by 8%, revenue from used vehicles declined by a similar magnitude.
Importantly, AN witnessed higher new vehicle unit sales, increased average selling prices as well as an uptick in after-sales. Overall, Wall Street has a consensus price target of $111 on AN, implying a 21.4% potential downside in the stock. That’s after a 29% price surge in AN shares over the past month alone.
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