2347 GMT - There's a silver lining to the current bumpy road travelled by car dealership Peter Warren Automotive, suggests Jefferies. Peter Warren's commentary at its recent annual shareholder meeting pointed to ongoing pressure on profit margins from new car sales. Vehicle supply is elevated and consumer spending is being squeezed. So, Jefferies now assumes a slower sales outlook, higher inventory and interest costs, plus more pressure on gross profit margins. "A silver lining is heightened M&A opportunities, given undoubted pressure on small-scale dealers," analyst John Campbell says. Jefferies cuts its FY 2025 pretax profit forecast by 12%, and lowers its price target by 11% to A$1.95/share. Peter Warren is unchanged at A$1.75 today. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 07, 2024 18:47 ET (23:47 GMT)
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