1037 ET - The stocks of Sonic Automotive and other franchise auto retailers have been looking inexpensive even after solid gains this year, Seaport Research Partners says in a research note. Analyst Glenn Chin thinks the group's price-to-earnings multiple is low, even by historical standards, and deserves a boost as profitability and cash flow have improved. Seaport upgrades Sonic to a buy rating. Sonic rises 4.1% to $65.77. Chin also increases the price targets for AutoNation, Group 1 Automotive, Lithia Motors and Penske Automotive Group. Each of these four stocks are up between 1% and 2.5%. (dean.seal@wsj.com)
(END) Dow Jones Newswires
November 22, 2024 10:37 ET (15:37 GMT)
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