BUZZ-US auto dealers' stocks climb as Stephens initiates coverage

Reuters09-13

** Shares of Lithia Motors rise 3.6% to $271.09, AutoNation rise 1.8% to $161.57, Group 1 Automotive

rise ~2% to $346.80, Penske Automotive Group rise 1.1% to $150.09 and Sonic Automotive rise 2.5% to $54.90

** Stephens initiates coverage for the "Public 6" franchised U.S. auto dealerships

Company Brokerage Brokerage LSEG data

rating PT median PT

Asbury equal-wei $216 $240

Automotive ght

Group

AutoNation over-weig $210 $205

ht

Group 1 equal-wei $394 $397

Automotive ght

Lithia Motors over-weig $360 $345

ht

Penske equal-wei $161 $170.30

Automotive ght

Group

Sonic equal-wei $64 $63

Automotive ght

** Brokerage believes the six public auto dealers generate diverse cash flow streams owing to essential transportation needs

** "The current stock setup (for the companies) is tricky due to an on-going earnings normalization from a COVID era boom" - brokerage

** Sees companies as "shareholder-friendly" businesses in long term

** Up to last close, the S&P 500 automotive retail sub-index

was up 16.5% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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