Wells Fargo lowered the firm’s price target on AutoNation (AN) to $169 from $181 on Friday and kept an Equal Weight rating on the shares. The firm notes Auto Nation traded down after a miss. Q3 was messy, impacted by CDK, stopsales, AN Finance growth and storms, Wells says. The low buybacks pace also disappointed investors, the firm adds, but noting that management reiterated its share repurchase strategy even as M&A improves.
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