Group 1 Automotive price target lowered to $435 from $445 at BofA

BofA analyst John Murphy lowered the firm’s price target on Group 1 Automotive to $435 from $445 and keeps a Buy rating on the shares. The firm says in a research note ahead of the automotive industry quarterly results that it is lowering its U.S. sales and production estimates considering recent macro developments and expects the slow start of the year to continue in Q2, which is relatively like more recent management commentary. BofA expects OEMs to print solid results as pricing remains robust. On the dealer front, it forecasts good operating results, clouded by the disruption of the CDK cybersecurity issue. Conversely, the firm anticipates some near-term pressure on supplier results as production schedules remain light.