Sonic Automotive price target raised to $80 from $74 at JPMorgan

JPMorgan raised the firm’s price target on Sonic Automotive (SAH) to $80 from $74 and keeps an Overweight rating on the shares. The firm updated models in the auto dealership space following the Q4 reports. The results were ahead of JPMorgan’s above-consensus expectations with U.S.-only companies demonstrating the best same-store gross profit performance as expected, the analyst tells investors in a research note. JPMorgan says that while the risk is to the upside on multiples as sector earnings see a turn in year-over-year profitability, it sees the sector “taking a breather for now before the next ‘turn’ of cards post spring season.”