JPMorgan analyst Rajat Gupta raised the firm’s price target on Group 1 Automotive (GPI) to $495 from $420 and keeps an Overweight rating on the shares after meeting with management. The firm came away with increased conviction in its Overweight thesis. Given “consistent strong execution” on all aspects of the business coupled with disciplined capital allocation over the last three years, Group 1 has “earned the right to invest and grow the business further,” the analyst tells investors in a research note. JPMorgan believes there is room for estimate revisions and further multiple expansion to support the stock.
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