2354 GMT - Macquarie thinks luxury car dealer Autosports is too optimistic about a market recovery in the near term. Autosports this week warned on 1H pretax profits, calling out tough conditions for new vehicle sales in November and December. Still, Macquarie highlights that Autosports has previously said it expects the operating environment in 2H to be similar to a year earlier. "However we expect organic new vehicle sales will remain under pressure," Macquarie says. "The market is cycling 2H of FY 2024 new vehicle registrations growth of 8.7% with a soft macroeconomic environment creating further downside risk." Macquarie has an outperform call on Autosports. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 29, 2025 18:54 ET (23:54 GMT)
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