Wells Fargo Maintains Overweight Rating for AutoNation: Here's What You Need To Know

Wells Fargo has decided to maintain its Overweight rating of AutoNation AN and lower its price target from $153.00 to $147.00.

Shares of AutoNation are trading down 3.17% over the last 24 hours, at $110.17 per share.

A move to $147.00 would account for a 33.43% increase from the current share price.

About AutoNation

AutoNation is the largest automotive dealer in the United States, with 2021 revenue of $25.8 billion and about 250 dealerships at nearly 350 locations, plus 57 collision centers. The firm also has 11 AutoNation USA used-vehicle stores, four auction sites, and three parts distributors all across 17 states primarily in Sunbelt metropolitan areas. New-vehicle sales account for about half of revenue; the company also sells used vehicles, parts, and repair services as well as auto financing. The company (formerly Republic Industries) spun off its waste management unit (Republic Services) in 1999 and its car rental businesses (ANC Rental) in 2000. Wayne Huizenga founded the company in the 1990s to bring the rollup acquisition strategy to auto retailing, which has proved to be a smart move.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.