Wells Fargo analyst Colin Langan raised the firm’s price target on Lithia & Driveway to $397 from $346 and keeps an Equal Weight rating on the shares. The firm notes Lithia & Driveway traded up 5% after beating in Q4 despite lower GPUs. Capital allocation is being prioritized back toward buybacks in light of rising dealer valuations. Additionally, management found another $50M of costs to take out, Wells adds.
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Read More on LAD:
- Lithia Motors Reports Record Revenue and Profit Growth
- Lithia & Driveway reports Q4 adjusted EPS $7.79, consensus $7.20
- Lithia & Driveway CEO Deboer sells 2,022 common shares
- LAD Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Lithia & Driveway price target lowered to $403 from $418 at Guggenheim
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